In the futures market, silver for July delivery touched an intraday high of Rs 49,499 and a low of Rs 48,841 per kg on the MCX.
Silver prices rose to Rs 49,112 per kg on May 20 as participants increased their short positions. The precious metal gained after Federal Reserve Chairman Jerome Powell in a testimony before US Senate on May 19 said that the central bank is ready to use all available options to help the US economy withstand the coronavirus pandemic.
In the futures market, silver for July delivery touched an intraday high of Rs 49,499 and a low of Rs 48,841 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 49,499.
Silver futures for July delivery gained Rs 178, or 0.36 percent, to Rs 48,999 per kg at 14:33 hours on a business turnover of 8,965 lots. The same for September delivery was up Rs 242, or 0.49 percent, to Rs 49,606 per kg on a turnover of 353 lots.
The value of July and September contracts traded so far is Rs 1,387.75 crore and Rs 11.94 crore, respectively.
The spot gold/silver ratio currently stands at 100.44 to 1, which means the amount of silver required to buy one ounce of gold.
Motilal Oswal sees support for silver at Rs 48,350-47,150 levels. The brokerage firm advised its clients to buy on dips near the support targeting higher resistance at Rs 49,630-49,850 levels.
At 09:10 (GMT), the precious metal gained 0.23 percent quoting at $17.94 an ounce in New York.
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