Silver rose to Rs 48,834 per kg on May 29 as participants increased their long positions. The rise in price was due to geopolitical factors and an improved outlook for industrial demand.
Silver holdings in iShares ETF jumped by 144.95 tonnes to 14,322.47 tonnes.
In the futures market, silver for July delivery touched an intraday high of Rs 48,868 and a low of Rs 48,452 per kg on the 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 delivery for July contract gained Rs 277, or 0.57 percent, to Rs 48,835 per kg at 14:30 hours with a business turnover of 11,415 lots. The same for the September contract jumped by Rs 260, or 0.53 percent, to Rs 49,475 per kg with a turnover of 573 lots.
The value of July and September contracts traded so far is Rs 1,062.31 crore and Rs 6.96 crore, respectively.
The spot gold/silver ratio currently stands at 98.63 to 1, which means the amount of silver required to buy one ounce of gold.
MCX Silver is likely to trade in a sideways range having resistance at Rs 49,000-49,200 whereas support is at Rs 48,350-48,150, according to Motilal Oswal.
The broking firm said spot silver has intraday support at $17.15-17 whereas resistance is at $17.55-17.70.
At 09:04 (GMT), the precious metal was up 0.56 percent quoting at $18.06 an ounce in New York.For All Commodities Related News - Click Here