Silver regained Rs 60,000 per kg level with prices soaring by 3.23 per cent to Rs 60,425 per kg at the futures trade today as speculators indulged in creating huge positions amid a firm trend in the global market.
Besides, sliding rupee which plunged to an all-time low of Rs 68.75 also influenced the white metal prices.
On the Multi Commodity Exchange, silver for delivery in December shot up by Rs 1,892 or 3.23 per cent to Rs 60,425 per kg in a business turnover of 671 lots.
Similarly, the white metal for delivery in September traded higher by Rs 1,932 or 3.37 per cent to Rs 59,222 per kg in 3,806 lots.
Market analysts said besides increased demand at the spot market, a firm global trend as speculation that the US may lead military strikes against Syria within days spurred investors’ demand for the precious metals.
This helped silver to trade above Rs 60,000 per kg level for the first time since November last year.
Meanwhile, the white metal climbed 0.8 per cent to $24.65 an ounce in Singapore.