In the futures market, silver for July delivery touched an intraday high of Rs 41,822 and a low of Rs 41,450 per kg on the MCX.
Silver prices rose to Rs 41,737 per kg on May 4 as participants increased their long positions.
In the futures market, silver for July delivery touched an intraday high of Rs 41,822 and a low of Rs 41,450 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 48,999.
Silver futures for July delivery gained Rs 140, or 0.34 percent, to Rs 41,737 per kg at 14:35 hours with a business turnover of 5,358 lots. The same for September delivery was up Rs 249, or 0.59 percent, to Rs 42,230 per kg with a turnover of six lots.
The value of July and September contracts traded so far is Rs 530.12 crore and Rs 25 lakh, respectively.
The spot gold/silver ratio currently stands at 113.91 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 for the session with support placed at Rs 41,230-40,950 and resistance at Rs 41,885-42,050, Motilal Oswal said.
The brokerage firm said spot silver has resistance at $15.20-15.38 whereas support is at $14.80-14.60 levels.
At 09:12 (GMT), the precious metal was up 1.07 percent quoting at $15.09 an ounce in New York.
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