In the futures market, silver for July delivery touched an intraday high of Rs 48,659 and a low of Rs 47,190 per kg on the MCX.
Silver prices rose to Rs 48,541 per kg on May 18 as participants increased their long positions. The precious metal benefitted from firmness in the gold price and stability in industrial metals.
In the futures market, silver for July delivery touched an intraday high of Rs 48,659 and a low of Rs 47,190 per kg on the Multi-Commodity Exchange (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 1,823, or 3.9 percent, to Rs 48,541 per kg at 14:39 hours on a business turnover of 8,227 lots. The same for September delivery was up Rs 1,883, or 3.99 percent, to Rs 48,959 per kg on a turnover of 277 lots.
The value of July and September contracts traded so far is Rs 1,362.75 crore and Rs 13.60 crore, respectively.
The spot gold/silver ratio currently stands at 101.95 to 1, which means the amount of silver required to buy one ounce of gold.
Silver is likely to outperform gold in short term, with support placed at Rs 47,700-47,500 and resistance at Rs 48,500-48,800 levels, Motilal Oswal said. The brokerage firm advised its clients to buy on dip near support for the short term.
At 09:14 (GMT), the precious metal rose 3.60 percent quoting at $17.68 an ounce in New York.
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