In the futures market, silver for May delivery touched an intraday high and low of Rs 43,528 and Rs 42,871 per kg on the MCX, respectively
Silver prices touched Rs 43,472 per kg on April 9 as participants increased their long positions. The precious metal gained after the minutes of Federal Open Market Committee (FOMC) emergency meeting showed that US Federal Reserve is willing to keep rates low in the foreseeable future.
In the futures market, silver for May delivery touched an intraday high of Rs 43,528 and a low of Rs 42,871 per kg on the MCX. So far in the current series, the precious metal has touched a low of Rs 33,580 and a high of Rs 50,123.
Silver delivery for May jumped Rs 333, or 0.77 percent, to Rs 43,472 per kg at 15:05 hours with a business turnover of 3,659 lots. The same for July contract rose Rs 283, or 0.65 percent, to Rs 43,630 per kg with a turnover of 739 lots.
The value of May and July contracts traded so far is Rs 503.02 crore and Rs 21.44 crore, respectively.
The spot gold/silver ratio currently stands at 109.44 to 1, which means the amount of silver required to buy one ounce of gold.
Motilal Oswal sees support for MCX silver at Rs 42,730-42,470/kg, whereas resistance is seen at Rs 43,650-43,900 levels.
At 09:35 (GMT), the precious metal was up 1.86 percent to $15.48 an ounce in New York.Time to show-off your poker skills and win Rs.25 lakhs with no investment. Register Now!
