Silver prices gained Rs 171 to surge to a record high of Rs 51,660 per kg in futures trading today as speculators enlarged their positions, driven by firming trend in New York.
At the Multi Commodity Exchange, silver for delivery in September surged by Rs 171, or 0.33%, to Rs 51,660 per kg, with a business turnover of a single lot.
Similarly, the silver for delivery in March contract shot up by Rs 161, or 0.32%, to Rs 50,187 per kg, with an open interest of just one lot.
Analysts said fresh buying by speculators on hopes of a rise in spot demand amid firming trend in the global markets mainly pushed up silver futures prices to a record high.
Meanwhile, silver traded 1.45% higher at $33.54 an ounce in New York last evening.