Silver futures hits record high of Rs 60,160/kg

NEW DELHI, APRIL 7:

Silver futures prices climbed to a record high of Rs 60,160 per kg today after the white metal galloped to a 31-year high in the global market.

At the Multi Commodity Exchange, silver for delivery in December rose Rs 60 or 0.1 per cent to Rs 60,160 per kg with a business turnover of just one lot. Similarly, May contract rose Rs 22 or 0.04 per cent to Rs 57,730 per kg with a business turnover of three lots.

Market analysts said continued buying by speculators on the back of a firming global trend, after demand for the precious metal strengthened as investors sought a shelter to protect their wealth against the conflict in Libya and European sovereign debt concerns, boosted the futures prices here

Meanwhile, silver gained 1.3 per cent to $39.77 an ounce in New York, the highest level since January 1980.

(Source: http://www.thehindubusinessline.com/markets/commodities/article1607960.ece)