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Last Updated : Jun 23, 2020 02:40 PM IST | Source: Moneycontrol.com

Silver futures down 0.33% in afternoon trade

In the futures market, silver for July delivery touched an intraday high of Rs 48,480 and a low of Rs 48,080 per kg on the MCX.

Silver prices eased to Rs 48,310 per kg on June 23 as participants increased their short positions.

Silver holdings in iShares ETF remained unchanged at 15,130.44 tonne due to profit booking.

In the futures market, silver for July delivery touched an intraday high of Rs 48,480 and a low of Rs 48,080 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 51,235.

Close

Silver futures for July delivery slipped Rs 158, or 0.33 percent, to Rs 48,342 per kg at 14:15 hours on a business turnover of 10,578 lots. The same for September delivery declined Rs 177, or 0.36 percent, to Rs 49,210 per kg on a turnover of 3,190 lots.

The value of July and September contracts traded so far is Rs 1,228.12 crore and Rs 117.94 crore, respectively.

The spot gold/silver ratio currently stands at 98.55 to 1, which means the amount of silver required to buy one ounce of gold.

Silver is expected to trade negatively with resistance at Rs 48,800 and Rs 48,500 levels, according to Motilal Oswal. The brokerage firm advised its clients to sell on a rise targeting lower support at Rs 47,900-47,500 zone.

At 08:49 (GMT), the precious metal was up 0.16 percent at $17.93 an ounce in New York. Motilal Oswal expects spot silver to trade in a $17.45-17.95/oz range.

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First Published on Jun 23, 2020 02:40 pm
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