Silver futures hit record high at Rs 60,160 on global cues

Silver futures prices climbed to trade at record high of Rs 60,160 per kg today after the white metal galloped to 31-year high in the global markets.

At the Multi Commodity Exchange, silver for delivery in December rose by Rs 60, or 0.10%, to Rs 60,160 per kg, with a business turnover of just one lot.

The May contract rose by Rs 22, or 0.04%, to Rs 57,730 per kg, with a business turnover of three lots.

Market analysts said continued buying by speculators on the back of a firming global trend, after demand for the precious metals strengthened as investors sought a shelter to protect their wealth against the conflict in Libya and European sovereign debt concerns.

Meanwhile, silver gained 1.3% to $39.77 an ounce in New York, the highest level since January 1980.