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Last Updated : Sep 16, 2020 02:42 PM IST | Source: Moneycontrol.com

Silver futures rise 0.19% to Rs 69,100 per kg ahead of Fed statement

In the futures market, silver for December delivery touched an intraday high of Rs 69,249 and a low of Rs 68,821 per kg on the MCX.

Silver prices rose to Rs 69,100 per kg on September 16 as participants increased their long positions as seen by the open interest. The precious metal settled with a gain of 0.45 percent yesterday on COMEX.

The precious metal has turned range-bound amid choppy trade in gold and industrial metals ahead of Fed statement later today.

Silver holdings in iShares ETF rose by 86.85 tonnes to 17,379.04 tonnes on pick-up in investor interest.

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MCX iCOMDEX Bullion Index gained 47.14 points, or 0.29 percent, at 16,266.17 at 14:29. The index tracks the real-time performance of MCX Gold and MCX Silver futures.

In the futures market, silver for December delivery touched an intraday high of Rs 69,249 and a low of Rs 68,821 per kg on the MCX. So far in the current series, the precious metal has touched a low of Rs 49,415 and a high of Rs 79,723.

Silver delivery for December contract gained Rs 133, or 0.19 percent to Rs 69,100 per kg at 14:23 hours with a business turnover of 17,302 lots. The same for the March contract edged higher by Rs 225, or 0.32 percent, to Rs 71,380 per kg with a turnover of 304 lots.

The value of December and March contracts traded so far is Rs 1,034.88 crore and Rs 5.35 crore, respectively.

The spot gold/silver ratio currently stands at 71.87 to 1, which means the amount of silver required to buy one ounce of gold.

MCX Silver is likely to trade in a higher range for the session having support at Rs 68,380-68,000 whereas resistance is at Rs 69,350-69,600 levels, according to Motilal Oswal.

At 08:57 (GMT), the precious metal gained 0.40 percent quoting at $27.57 an ounce in New York.

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First Published on Sep 16, 2020 02:42 pm
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