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Last Updated : Mar 19, 2020 09:22 PM IST | Source: Moneycontrol.com

Silver futures gain 2.9% to Rs 34,770 per kg on bottom fishing

The value of May and July contracts traded so far is Rs 2,119.26 crore and Rs 78.58 crore, respectively.

Silver prices rose to Rs 34,770 per kg on March 19 as participants increased their long positions as seen by the open interest. The white metal gained on bottom fishing after it dropped to 11-year low in yesterday session in the international market.

In the futures market, silver for May delivery touched an intraday high of Rs 34,980 and a low of Rs 33,711 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 delivery gained Rs 984, or 2.9 percent, to Rs 34,891 per kg at 20:00 hours IST in a business turnover of 8,522 lots. The precious metal July contracts jumped Rs 647, or 1.88 percent, to Rs 35,069 per kg in a business turnover of 375 lots.

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The value of May and July contracts traded so far is Rs 2,119.26 crore and Rs 78.58 crore, respectively.

The gold/silver ratio currently stands at 114.98 to 1, which means the amount of silver required to buy one ounce of gold.

MCX Silver has support at Rs 33,940-33,850 whereas resistance is at Rs 34,970-35,270, according to Motilal Oswal.

The brokerage firm said spot silver has resistance at $12.30-12.55 whereas support is at $11.65-11.45.

At 14:51 pm (GMT), the precious metal gained 2.3 percent to $12.03 per troy ounce in Comex trading.

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First Published on Mar 19, 2020 09:20 pm
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