Silver prices surged to record levels in futures trade today by adding Rs 662, or 2.08 per cent, to Rs 32,400 per kg on brisk buying by speculators, driven by firming global and spot market trend.
Marketmen said the white metal prices spurted on reports of a firming overseas trend, as investors kept buying amid fears of global economic recovery might falter.
They said the industrial units and coins manufacturers buying for the coming festivals and marriage season mainly kept the market in bullish mood.
Demand for the precious metals like silver and gold normally picked up in domestic markets here during the festival season beginning with Raksha Bandhan in August and will last through November with Dhanteras, the single- biggest gold buying day, they added.
The silver on the Multi Commodity Exchange for July-month contract shot up by Rs 662, or 2.08 per cent, to Rs 32,400 per kg, with a trading volume of three lots. The precious metal never touched such high levels above Rs 32,000 per kg.
The metal in December month contract rose by Rs 150, or 0.47 per cent, to Rs 31,607 per kg, with a business volume of 5,734 lots, while March contract added Rs 145, or 0.45 per cent, to Rs 31,707 per kg, with a business turnover of 230 lots.
