In the futures market, silver for September delivery touched an intraday high of Rs 70,939 and a low of Rs 67,889 per kg on the MCX
Silver prices declined to Rs 68,704 per kg on August 14 as participants increased their short positions. The precious metal had gained 6.7 percent on August 13 on COMEX.
Silver holdings in iShares ETF rose by 217.22 tonne to 18,072.07 tonne, the highest level on record.
In the futures market, silver for September delivery touched an intraday high of Rs 70,939 and a low of Rs 67,889 per kg on the Multi-Commodity Exchange (MCX). So far in the current series, the precious metal has touched a low of Rs 41,558 and a high of Rs 77,949.
Silver futures for September delivery slipped Rs 2,373, or 3.34 percent, to Rs 68,704 per kg at 14:22 hours on a business turnover of 10,296 lots. The same for the December delivery edged lower by Rs 2,498, or 3.39 percent, to Rs 71,100 per kg on a turnover of 5,161 lots.
The value of September and December contracts traded so far is Rs 3,357.30 crore and Rs 142.82 crore, respectively.
The spot gold-to-silver ratio currently stands at 73.31 to 1, which means the amount of silver required to buy one ounce of gold.
At 08:57 (GMT), the precious metal was up 3.51 percent at $26.74 an ounce in the New York.For all commodities related news, click here