Besides, rising demand at domestic spot markets for the festive and marriage season, also supported the current run-up in silver futures prices here.
At the Multi Commodity Exchange counter, silver for delivery in July shot up by a whopping Rs 426, at 1.13 per cent, to hit an all-time high of Rs 38,051 per kg.
It clocked a business turnover of eight lots.
The silver for delivery in May contract also shot up by Rs 410, or 1.09 per cent, to an all-time high of Rs 37,928 per kg, with a business turnover of 36 lots.
The white metal for delivery in December contract up by Rs 380, or 0.92 per cent to Rs 37,485 per kg, with a trade volume of 8,224 lots.
Globally, silver in Asian spot trading gained 0.28 cents, or 1.13 per cent to trade at $25.06 an ounce, the highest level since September 1980.
Analysts said a firm trend in precious metals in global markets on ahead of a US Federal Reserve's policy meeting to shore up the economy and a weak dollar, which raised appeal for the bullion as an alternative investment, supported the upside in silver futures prices here.