Silver prices declined to Rs 62,557 per kg on July 30 as participants their short positions. The white metal edged lower as riskier assets become more attractive after the US Federal Reserve said it will support the coronavirus battered US economy.
Silver holdings in iShares ETF rose by 188.29 tonne to 17,800.01 tonne, a new record high.
In the futures market, silver futures for September delivery touched an intraday high of Rs 65,370 and a low of Rs 61,945 per kg on the Multi-Commodity Exchange (MCX). So far in the current series, the precious metal has touched a low of Rs 41,558 and a high of Rs 67,560.
Silver futures for September delivery slipped Rs 2,797, or 4.28 percent, to Rs 62,557 per kg at 14:46 hours on a business turnover of 13,325 lots. The same for December delivery edged lower Rs 2,618, or 3.92 percent, to Rs 64,240 per kg on a turnover of 852 lots.
The value of September and December contracts traded so far is Rs 5,622.96 crore and Rs 108.29 crore, respectively.
The spot gold-to-silver ratio currently stands at 83.54 to 1, which means the amount of silver required to buy one ounce of gold.
Kotak Securities said with no fresh cues there is a possibility of some profit taking by investors. It recommends waiting for a corrective dip before creating fresh long positions.
At 09:20 (GMT), the precious metal was down 3.36 percent at $23.50 an ounce in New York.