Silver futures slip 1.46% in afternoon trade

Silver prices declined to Rs 52,241 per kg on July 14, with participants unwinding their long positions as seen by the open interest.

Silver holdings in iShares ETF decreased by 52.15 tonnes to 15,990.87 tonnes as investors booked profit.

On the MCX, silver for September delivery touched an intraday high of Rs 52,560 and a low of Rs 52,152 per kg. So far in the current series, the precious metal has touched a low of Rs 41,558 and a high of Rs 53,184.

Silver delivery for September contract eased Rs 774, or 1.46 percent, to Rs 52,274 per kg at 1422 hours, with a business turnover of 15,083 lots. The same for the December contract slipped Rs 728, or 1.35 percent, to Rs 53,350 per kg with a turnover of 333 lots.

The value of September and December contracts traded, so far, is Rs 1,585.35 crore and Rs 8.02 crore, respectively.

The spot gold/silver ratio stands at 94.98 to 1, which means the amount of silver required to buy an ounce of gold.

MCX silver has intraday support at Rs 52,120, whereas short-term support is at Rs 51,765 and resistance at Rs 52,770-52,950, according to Motilal Oswal.

The broking firm said that spot silver has resistance at $19.10 whereas support at $18.85-18.60.

At 08:58 GMT, the precious metal was down 2.19 percent quoting at $19.35 an ounce in New York.

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