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Last Updated : May 19, 2020 02:55 PM IST | Source: Moneycontrol.com

Silver futures down 0.21% in afternoon trade

The value of July and September contracts traded so far is Rs 943.80 crore and Rs 8.36 crore, respectively.


Silver prices slipped to Rs 47,598 per kg on May 19 as participants increased their short positions. The precious metal came under pressure tracking gold prices on news of developments in a vaccine to treat novel coronavirus, or COVID-19.

In the futures market, silver for July delivery touched an intraday high of Rs 47,799 and a low of Rs 47,340 per kg on the Multi-Commodity Exchange (MCX). So far in the current series, the precious metal has touched a low of Rs 34,076 and a high of Rs 49,178.

Silver futures for July delivery eased Rs 100, or 0.21 percent, to Rs 47,598 per kg at 14:30 hours on a business turnover of 8,311 lots. The same for September delivery was down Rs 127, or 0.26 percent, to Rs 48,012 per kg on a turnover of 314 lots.

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The value of July and September contracts traded so far is Rs 943.80 crore and Rs 8.36 crore, respectively.

The spot gold/silver ratio currently stands at 101.56 to 1, which means the amount of silver required to buy one ounce of gold.

Support for Silver is placed at Rs 47,350-47,150 whereas resistance is seen at Rs 48,000-48,300, according to Motilal Oswal. The broking firm said spot silver has intraday support at $16.85-16.60 and resistance at $17.25-17.40.

At 09:08 (GMT), the precious metal dipped 0.05 percent quoting at $17.46 an ounce in New York.

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First Published on May 19, 2020 02:55 pm
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