Silver prices rose to Rs 42,551 per kg on April 30 as participants widened their positions tracking global cues.
In the futures market, silver for May delivery touched an intraday high of Rs 42,776 and a low of Rs 41,972 per kg on the MCX. So far in the current series, the precious metal has touched a low of Rs 33,580 and a high of Rs 50,123.
Silver delivery for May contract gained Rs 776, or 1.86 percent, to Rs 42,551 per kg at 14:25 hours with a business turnover of 790 lots. The same for July contract was up Rs 665, or 1.57 percent, to Rs 43,027 per kg with a turnover of 5,523 lots.
The value of May and July contracts traded so far is Rs 52.65 crore and Rs 929.43 crore, respectively.
The spot gold/silver ratio currently stands at 111.89 to 1, which means the amount of silver required to buy one ounce of gold.
MCX Silver has intraday support at Rs 42,310 whereas short-term support is at Rs 42,040-41,810, according to Motilal Oswal. The broking firm advised its clients to buy on dip targeting higher resistance at Rs 42,850-43,050.
The brokerage firm said spot silver has resistance at $15.48-15.60 whereas support is at $15.05-14.90 levels.
At 09:01 (GMT), the precious metal was up 2.74 percent quoting at $15.57 an ounce in New York.