What determines the best glide speed? I found the best glide speed of cessna 152 is 60 kts. My question is why it is not more or less than 60 kts? What are the factors upon which the best gliding speed is determined?
Basically, the faster you go, the more lift and drag a wing will produce. These two values are not proportional, though. When speeding up, the amount of drag produced is higher than the extra amount of lift - which is why you need additional power to maintain level at higher speeds.

When you go slower, the amount of drag will reduce more than the amount of lift produced - at least for a while. That's why going slow is better in terms of gliding distance. The amount of "drag per lift" is very low. However, slowing down beyond a certain point, the wing will rapidly start producing less lift, because airflow separates from the wing. This is what's known as a stall. The best glide speed is the speed as which the drag is as low as possible while the wing is still producing a relatively large amount of lift.

This is illustrated on a speed polar, like this one:



The black line indicates the rate of sink for a given airspeed. The optimum glide speed is the speed corresponding to the point where the red line touches the black line (Vbg).

The red line is a straight line going from (0,0) and touching the speed polar at exactly one point.

A change in aircraft mass will shift the curve along the vertical axis, which is why a heavier aircraft has a higher best glide speed than a lighter one. The intersecting point between the black and red line would shift to the right as the black line is shifted down, and vice versa.