Silver aims record high, crosses Rs 50,000 per kg level

Continuing its record-breaking spree on the back of firming trend overseas, silver futures prices increased by over 2% 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 here.

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.

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

Experts told media that the firming trend in precious metals in global markets as spreading unrest in the Middle East boosted their appeal as a safe-haven asset, buoyed the trading sentiment at futures trade here.

In the meantime, 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.