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Silver futures hit record high at Rs 76,752/kg

Market analysts said continued buying by speculators on rising global trend, where precious metal zoomed to a fresh 31-year high, and a weak dollar bossted demand for precious metals.

twitter-logoPTI | April 25, 2011 | Updated 12:06 IST

Extending its record-breaking rally, silver futures prices went up by a whopping Rs 854 to trade at yet another high of Rs 76,752 per kg, largely on the back of a firming global trend.

Firming trend at the domestic spot markets on the back of festive season demand also influenced silver prices at futures trade in the national capital.

At the Multi Commodity Exchange, silver for delivery in December surged by Rs 854, to hit a fresh high of Rs 76,752 per kg, with a trade volume of 235 lots.

Similarly, the metal for delivery in July gained Rs 862 to Rs 74,560 per kg, with a business turnover of 8,598 lots.

Market analysts said continued buying by speculators on the back of a rising global trend, where precious metal zoomed to a fresh 31-year high, buoyed by weak dollar and increasing tension in West Asia and North Africa, boosting the demand for precious metals.

Meanwhile, silver climbed to $48.81 an ounce in the Asian region.

Also, riding high on the firming global trend, gold zoomed past all previous records and climbed 1.75 per cent to trade at Rs 22,815 per 10 grams in futures trade on Monday.

A firming trend at the domestic markets also supported the upside in the yellow metal's prices at futures trade.

At the Multi Commodity Exchange, gold for delivery in August surged Rs 398, or 1.75 per cent, to trade at a record high of Rs 22,815 per kg, clocking business turnover of 382 lots.

Likewise, the metal for delivery in June advanced Rs 44, or 0.20 per cent, to trade at all-time high of Rs 22,164 per 10 gram, with a trade turnover of 4,691 lots.

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