Silver futures hit record high at Rs 53,570 on global cues

Continuing its record-breaking spree on the back of firming trend overseas, silver futures prices shot up by nearly 0.60 per cent to hit a new high of Rs 53,570 per kg.

Besides, record levels in the spot market on rising demand, driven by the ongoing marriage season, too influenced the white metal prices at futures trade here.

At the Multi Commodity Exchange, silver for delivery in September gained Rs 295, or 0.60 per cent, to trade at an all time high of Rs 53,570 per kg, with a business turnover of 33 lots.    

The silver for delivery in July also rallied by Rs 314, or 0.75 per cent, to trade at a record high of Rs 53,100 per kg, with a business turnover of 213 lots.

Similarly, silver futures prices for delivery in March went up by Rs 347, or 0.70 per cent, to Rs 51,373 per kg, with a business volume of 192 lots.

Globally, silver in the Asian region, gained 0.49 per cent, to trade at $34.85. 

Analysts said firming trend in precious metals overseas, as unrest in Libya boosted the precious metal's appeal as a safe-haven asset, buoyed the trading sentiment at futures trade here.