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Silver futures at record high, cross Rs 50,000 a kg

Record levels in the spot market on rising demand, driven by the ongoing marriage season too, influenced the white metal prices at futures trade in New Delhi.

twitter-logo PTI   New Delhi     Last Updated: February 21, 2011  | 11:48 IST

Continuing its record-breaking spree on the back of firming trend overseas, silver futures prices shot up over 2 per cent to hit a new high of Rs 50,699 per kg.

Record levels in the spot market on rising demand, driven by the ongoing marriage season too, influenced the white metal prices at futures trade in New Delhi.

At the Multi Commodity Exchange counter, silver for delivery in September contract climbed Rs 1,043, or 2.10 per cent to trade at Rs 50,699 per kg - a level never seen before - with a turnover of four lots.

The silver for delivery in March contract also rallied by Rs 982, or 1.82 per cent, to trade at a record high of Rs 49,420 per kg, with a turnover of one lot.

Globally, silver in the Asian region, gained 1.4 per cent, to trade at $33.10, the fresh high since 1980.

Analysts said firming trend in precious metals in global markets, as spreading unrest in West Asia boosted their appeal as a safe-haven asset, buoyed the trading sentiment at futures trade in the national capital.

Meanwhile, at Chennai bullion market, silver prices rallied by Rs 400 to trade at record high of Rs 50,065 per kg in the opening trade.

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