In the futures market, silver for July delivery touched an intraday high of Rs 48,298 and a low of Rs 47,850 per kg on the MCX.
Silver prices eased to Rs 47,874 per kg on June 9 as participants increased their short positions. Investors will keenly watch the outcome of the two-day federal open market committee (FOMC) meet that begins later on June 9 for any further direction.
Silver holdings in iShares ETF fell 46.37 tonne to 14,626.12 tonne on increased outflow.
In the futures market, silver for July delivery touched an intraday high of Rs 48,298 and a low of Rs 47,850 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 51,235.
Silver futures for July delivery slipped Rs 311, or 0.65 percent, to Rs 47,874 per kg at 14:26 hours on a business turnover of 11,181 lots. The same for September delivery declined Rs 386, or 0.79 percent, to Rs 48,607 per kg on a turnover of 1,419 lots.
The value of July and September contracts traded so far is Rs 1,037.24 crore and Rs 24.49 crore, respectively.
The spot gold/silver ratio currently stands at 97.36 to 1, which means the amount of silver required to buy one ounce of gold.
Silver is expected to trade rangebound with support at Rs 47,700 and resistance at Rs 48,500 levels, Motilal Oswal said.
At 09:01 (GMT), the precious metal was down 0.74 percent quoting $17.76 an ounce in New York.
For All Commodities Related News - Click Here
