Silver futures at record high on global trend

Surpassing all records, silver futures prices soared to hit a new high of Rs 38,051 per kg, as speculators created positions, tracking a firm trend in global markets.

Besides, rising demand at domestic spot markets for the festive and marriage season, also supported the current run-up in silver futures prices here.

At the Multi Commodity Exchange counter, silver for delivery in July shot up by a whopping Rs 426, at 1.13 per cent, to hit an all-time high of Rs 38,051 per kg.

It clocked a business turnover of eight lots.

The silver for delivery in May contract also shot up by Rs 410, or 1.09 per cent, to an all-time high of Rs 37,928 per kg, with a business turnover of 36 lots.

The white metal for delivery in December contract up by Rs 380, or 0.92 per cent to Rs 37,485 per kg, with a trade volume of 8,224 lots.

Globally, silver in Asian spot trading gained 0.28 cents, or 1.13 per cent to trade at $25.06 an ounce, the highest level since September 1980.

Analysts said a firm trend in precious metals in global markets on ahead of a US Federal Reserve's policy meeting to shore up the economy and a weak dollar, which raised appeal for the bullion as an alternative investment, supported the upside in silver futures prices here.

In addition, rising demand for the metal in domestic markets for the festivals and marriage season also influenced the prices, they said.