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Retail frenzy pushes silver prices above Rs 70,000/kg, forces traders to cover short positions

In the futures market, silver for March delivery touched an intraday high of Rs 70,682 and a low of Rs 68,353 per kg on the MCX.

Mumbai / January 29, 2021 / 03:50 PM IST
Silver

Silver

Silver prices climbed to Rs 69,698 per kg on January 29 as participants increased their long positions as seen by the open interest. The precious metal had gained 2.1 percent on January 28 on the COMEX.

The white metal extended gains in the afternoon session after a gap up open, tracking firmness in gold prices and retail frenzy amongst retail traders caused by interest chatter on Twitter and Reddit.

The rumour spread on the social media platforms that banks have been manipulating silver prices, keeping them artificially low and masking a shortfall in physical supplies, Bloomberg reported.

According to CME data, trade volumes nearly doubled from January 28 to January 29 owing to the volatility caused by day traders.