The spot gold/silver ratio currently stands at 112.55 to 1, which means the amount of silver required to buy one ounce of gold
Silver prices rose to Rs 42,280 per kg on May 6 as participants increased their long positions.
In the futures market, silver for July delivery touched an intraday high of Rs 42,375 and a low of Rs 42,036 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 384, or 0.92 percent, to Rs 42,280 per kg at 14:28 hours on a business turnover of 5,752 lots. The same for the September delivery was up Rs 497, or 1.18 percent, to Rs 42,731 per kg on a turnover of 20 lots.
The value of July and September contracts traded so far is Rs 537.52 crore and Rs 1.15 crore, respectively.
The spot gold/silver ratio currently stands at 112.55 to 1, which means the amount of silver required to buy one ounce of gold.
MCX silver futures are likely to trade with a positive bias as long as Rs 41,850-41,625 is held, whereas resistance is seen at Rs 42,300-42,575 levels, Motilal Oswal said in a recent note.
The brokerage firm sees support for spot silver at at $14.82-14.60 with resistance at $15.25-15.55 levels.
At 09:03 (GMT), the precious metal was up 1.44 percent quoting at $15.32 an ounce in New York.First Anniversary Offer: Subscribe to Moneycontrol PRO’s annual plan for ₹1/- per day for the first year and claim exclusive benefits worth ₹20,000. Coupon code: PRO365
