Silver futures at record high on global cues

Continuing its record-breaking spree on the back of firming trend overseas, silver futures prices shot up by another Rs 169 to hit another high of Rs 46,450 per kg today.

Rising spot demand on the domestic markets also supported the ongoing run-up in the silver futures prices.

All the three contracts - July, May and March were trading at record highs.

At the Multi Commodity Exchange counter, silver for delivery in July contract gathered Rs 169, or 0.30 per cent to Rs 46,450 per kg, a level never seen before, with a turnover of two lots.

The silver for delivery in May contract also rallied by Rs 276, or 0.51 per cent to trade at a record high of Rs 46,409 per kg, with a turnover of 135 lots.

While delivery for March contract up by Rs 270, or 0.55 per cent to Rs 46,180 per kg.

Globally, silver in the Asian region, gained 0.89 per cent, to trade at $30.73, the highest since 1980.

Analysts said firming trend in precious metals in global markets after a weak dollar boosted their appeal as an alternative investment, and buoyed the trading sentiment here.

Meanwhile, at the Bombay bullion market, silver prices rallied to conquer another milestone of Rs 47,000 per kg on the Bombay bullion market in yesterday's trade.