Silver shines to a new record high at Rs 56,000/kg

Silver futures prices shot up by 2.64% to scale a new high of Rs 56,450 per kg, surpassing all its previous records, buoyed by firming trend overseas.

Increasing domestic demand driven by the ongoing marriage season helped the white metal in setting the record high level.

At the Multi Commodity Exchange counter, silver for delivery in December went up by Rs 1,450, or 2.64%, to an all time high of Rs 56,450 per kg, with a business volume of just one lot.

Similarly, the white metal for delivery in May contract rallied by Rs 863, or 1.62%, to trade at a new high of Rs 54,280 per kg, with a business volume of one lot.

Globally, silver in the Asian region, gained 2.1%, to trade at $36.3675 an ounce, the metal's fresh high since 1980.

Analysts said a firm trend in precious metals overseas, as unrest in Libya and other key Middle Eastern countries boosted their appeal as safe-haven asset, buoyed the trading sentiment at futures trade here.

The rising spot demand following the ongoing marriage season, too, influenced silver futures prices, they added.