Silver at new high in futures trade on global cues

NEW DELHI: Silver prices flared up by a whopping Rs 721 to a new peak of Rs 36,490 per kg in futures trading today after the precious metal climbed to a 30-year high overseas.

In addition, firming trend at spot markets, driven by a rising demand on account of festive and marriage season fuelled the upside in the prices at futures market here.

At the Multi Commodity Exchange platform, silver for July -month surged by Rs 721, or 1.85 per cent, to trade at new high of Rs 36,490 per kg, with a turnover of one lot.

Similarly, the metal for delivery in December-month spurted by Rs 494, or 1.37 per cent, to Rs 36,188 per kg, clocked a business interest of just one lot.

Analysts said besides strong rally in prices at overseas markets, rising demand for the metal in domestic markets for the ongoing festivals and marriage season also helped silver to trade at new high at futures market.

Meanwhile, silver rose by 1.21 per cent to USD 24.34 an ounce in Asian region.