Silver futures hit record high at Rs 66,600/kg

Surpassing all records, silver futures climbed to trade at a record high of Rs 66,600 per kg today on continued buying by speculators, fuelled by a firming trend overseas.

In addition, firming trend at the domestic spot markets also influenced the metal prices at futures trade.

At the Multi Commodity Exchange, silver for delivery in December surged by Rs 1,001, or 1.53%, to hit a fresh high of Rs 66,600 per kg, with a trade volume of one lot.

Similarly, the metal for delivery in May gathered Rs 930, or 1.49%, to Rs 63,320 per kg, with a business turnover of two lots.

Market analysts said continued buying by speculators on the back of a rising global trend, where gold zoomed to fresh 31-year high on concerns about faster inflation and a weakening dollar, boosted demand for the metal as an alternative investment.

Meanwhile, silver climbed 0.7% to USD 43.28 an ounce in Asian region, the highest level since 1980.