Silver futures hit yet another high of Rs 70,462/kg

Silver prices surged by Rs 1,450 to hit a new high of Rs 70,462 per kg in futures trade today as speculators enlarged their positions on the back of a surging global trend.

At the Multi Commodity Exchange, silver for delivery in December jumped by Rs 1,450, or 2.10 per cent to Rs 70,462 per kg, with a business turnover of four lots.

Similarly, the white metal for delivery in May moved up by Rs 1,591, or 2.42 per cent to Rs 67,235 per kg, with a business volume of five lots.

Analysts said surging global trend and increased buying by speculators, mainly pushed the silver futures prices up to hit a record high.

Meanwhile, the white metal gained 1.5% to $45.95 an ounce in Asian region.