Silver prices were steady at Rs 48,349 per kg on June 29 due to short covering of positions by participants. The precious metal benefitted from gains in gold on the back of safe haven buying amid surging coronavirus cases globally.
However, industrial demand for the white metal has been dented by weak global economic outlook.
Silver holdings in iShares ETF decreased 14.49 tonne to 15,284.03 tonne.
In the futures market, silver for July delivery touched an intraday high of Rs 48,633 and a low of Rs 48,250 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.
Silver futures for July delivery eased Rs 15, or 0.03 percent, to Rs 48,350 per kg at 14:17 hours on a business turnover of 3,616 lots. The same for the September delivery fell marginally by Rs 16, or 0.03 percent, to Rs 49,221 per kg on a turnover of 9,429 lots.
The value of July and September contracts traded so far is Rs 167.09 crore and Rs 725.71 crore, respectively.
The spot gold/silver ratio currently stands at 99.18 to 1, which means the amount of silver required to buy one ounce of gold.
Silver is likely to trade in a range with support at Rs 49,100-48,850 whereas resistance is seen at Rs 49,690-49,870 levels, according to Motilal Oswal. The broking firm sees intraday support and resistance for spot silver at $17.65-17.45 and $18-18.15/oz, respectively.
At 08:51 (GMT), the precious metal was down 0.19 percent at $18 an ounce in New York.For all commodities related news, click here