Silver futures at record high on firming global trend
Silver prices climbed to hit new high of Rs 35,075 per kg, as speculators built up huge positions, driven by a rally in global markets, where it soared to 30-year high.
In addition, increased demand in the spot markets for the upcoming festive and marriage season, beginning tomorrow, also supported the uptrend.
At the Multi Commodity Exchange counter, silver for delivery in July contract flared up by a whopping Rs 425, or 1.23 per cent, to trade at a record high of Rs 35,075 per kg, a level never seen before.
It clocked a turnover of one lot.
In a similar fashion, the metal for delivery in December- month spurted by Rs 472, or 1.04 per cent, to Rs 34,850 per kg, with an open interest of one lot.
Globally, silver surged to $23.35 an ounce in the Asian region, the highest level since September 1980.