In the futures market, silver for December delivery touched an intraday high of Rs 68,498 and a low of Rs 67,740 per kg on the MCX.
Silver prices were steady at Rs 68,258 per kg on September 8 as participants increased their long positions as seen by the open interest. The precious metal traded in a narrow range as US dollar strengthened against major currencies and subdued global cues as the US markets were shuts yesterday on account of Labour Day holiday.
Silver prices were supported by improving outlook for industrial demand amid a recovery in manufacturing activity globally.
In the futures market, silver for December delivery touched an intraday high of Rs 68,498 and a low of Rs 67,740 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 slipped Rs 13, or 0.02 percent to Rs 68,258 per kg at 14:25 hours with a business turnover of 16,163 lots. The same for the March contract fell by Rs 15, or 0.02 percent, to Rs 70,450 per kg with a turnover of 190 lots.
The value of December and March’s contracts traded so far is Rs 1,053.40 crore and Rs 7.40 crore, respectively.
The spot gold-silver ratio currently stands at 71.78 to 1, which means the amount of silver required to buy one ounce of gold.
Silver may remain directionless along with gold unless there are fresh triggers; however, we expect buying to emerge at lower levels amid a general improvement in the outlook for industrial demand, said Kotak Securities.
At 09:00 (GMT), the precious metal gained 1.10 percent quoting at $27.00 an ounce in New York.For all commodities related news, click here