Silver futures hits new high at Rs 57,500

Similarly,the white metal for delivery in July contract rose by Rs 54,or 0.10 per cent,to Rs 56,155 per kg,with a business turnover of just one lot,while May contract moved up by Rs 45,or 0.08 per cent,to Rs 55,543 per kg,with a business turnover of just two lots.

Market analysts said increased buying by speculators buoyed by a firming global trend as concern that Portugal may have to seek a bailout and escalating unrest in Libya and the Middle East fuelled demand for precious metals as a store of value.

Meanwhile,silver surged to USD 37.42 an ounce in Asian region,the highest level since 1980.