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Silver futures at record high on global cues

At the Multi Commodity Exchange, silver for March shot up Rs 173 to trade at an all-time high of Rs 32,707 per kg, with a business turnover of 194 lots.

twitter-logoPTI | September 23, 2010 | Updated 12:01 IST

Silver prices climbed to hit a new high of Rs 32,707 per kg in futures trade, tracking a firming trend overseas after the Federal Reserve said it was willing to ease monetary policy further to boost the economy.

Besides, sustained demand in the domestic markets for the ongoing festive and marriage season, also helped silver trade at record highs.

At the Multi Commodity Exchange counter, silver for March shot up Rs 173, or 0.45 per cent, to trade at an all-time high of Rs 32,707 per kg, with a business turnover of 194 lots.

"It seems that silver is inching towards the Rs 33,000 per kg-level," said an analyst.

Similarly, the metal for delivery in May contract gained Rs 215, or 0.66 per cent, to trade at record-high of Rs 32,813 per kg, with a turnover of 14 lots, while December contract was up Rs 160, or 0.45 per cent, to Rs 32,584 per kg, a level never seen before. It clocked a business turnover of 3,019 lots.

Meanwhile, in global markets silver rose 2.2 per cent to $21.09 an ounce, the highest since March 2008, and is up 24 per cent this year.

Analysts said firming trend in global markets, where silver soared to a record-high, mainly buoyed the trading sentiment at futures market here.

In addition, boost in demand on account of festive and marriage season in the domestic markets also gave a push to rising silver futures prices here, they added.

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