Silver futures on a new high at Rs 59,331

Silver futures prices climbed to hit a lifetime high of Rs 59,331 per kg today as speculators created huge positions, triggered by a firming global trend.

All the three running contracts -- May, September and December -- were trading at record highs.

At the Multi Commodity Exchange, silver for delivery in far month December rose by Rs 443, or 0.75 per cent, to a record high of Rs 59,331 per kg, with a trade volume of two lots.

Similarly, the white metal for delivery in September contract also traded Rs 544, or 0.94% to Rs 58,433 per kg, with a business turnover of one lot, while May contract moved up by Rs 416, or 0.73%, to Rs 57,098 per kg, clocking a trade volume of five lots.

Market analysts attributed persistent rise in silver futures prices to continued buying by speculators buoyed by a firming global trend as the conflict in Libya, concerns about European debt and rising inflation spurred demand for precious metals as an alternative investment.

Meanwhile, silver surged 0.41% to $38.75 an ounce in Asian region, the highest level since 1980.