Silver futures up 0.36% in afternoon trade
In the futures market, silver for September delivery touched an intraday high of Rs 49,300 and a low of Rs 49,064 per kg on the MCX.
Jun 30, 2020 / 02:45 PM IST
Silver prices were supported by improved demand outlook for industrial metal and weakness in the US dollar index
Silver prices rose to Rs 49,160 per kg on June 30 as participants increased their long positions.
Silver holdings in iShares ETF increased 37.67 tonnes to 15,321.7 tonnes, a fresh record high.
In the futures market, silver for September delivery touched an intraday high of Rs 49,300 and a low of Rs 49,064 per kg on the MCX. So far in the current series, the precious metal has touched a low of Rs 41,558 and a high of Rs 51,697.
Silver delivery for September contract gained Rs 177, or 0.36 percent, to Rs 49,160 per kg at 14:23 hours with a business turnover of 10,573 lots. The same for the December contract fell Rs 35, or 0.07 percent, to Rs 50,028 per kg with a turnover of 13 lots.
The value of September and December contracts traded so far is Rs 700.58 crore and Rs 0.75 crore, respectively.
The spot gold/silver ratio currently stands at 99.26 to 1, which means the amount of silver required to buy one ounce of gold. The spot gold/silver ratio is hovering near 100 and may rise further unless silver gets a strong investor buying or improved demand outlook.
MCX September Silver price is likely to trade in a range for the session with support at Rs 48,800-48,650 whereas resistance is at Rs 49,350-49,530 levels, according to Motilal Oswal.
The broking firm spot silver has intraday support at $17.65-17.45 whereas resistance is at $18-18.15/oz.
At 09:00 (GMT), the precious metal was up 0.17 percent quoting at $18.09 an ounce in New York.For all commodities related news, click here