Silver September futures hit record high of Rs 52,086 per kg

Silver prices climbed a record high for the September series at Rs 52,086 per kg on July 9 as participants increased their long position. The precious metal benefitted from the weakness in the dollar.

Silver holdings in iShares ETF remained unchanged at 15,637.39 tonne.

In the futures market, silver for September delivery touched an intraday high of Rs 52,086 and a low of Rs 51,410 per kg on the Multi-Commodity Exchange (MCX). So far in the current series, the precious metal has touched a low of Rs 41,558 and a high of Rs 52,086.

Silver futures for September delivery contract jumped Rs 653, or 1.27 percent, to Rs 52,035 per kg at 14:18 hours on a business turnover of 15,805 lots. The same for December delivery gained Rs 666, or 1.27 percent, to Rs 53,083 per kg on a turnover of 302 lots.

The value of September and December contracts traded so far is Rs 1,929.89 crore and Rs 10.93 crore, respectively.

The spot gold-to-silver ratio currently stands at 95.56 to 1, which means the amount of silver required to buy one ounce of gold.

"Silver has rescaled $19/0z amid firmness in both gold and industrial metals. However, this may not continue for long as risk sentiment may affect gold and industrial metals differently. We recommend one to wait for corrective dips before creating fresh long positions," said Kotak Securities.

At 08:54 (GMT), the precious metal was up 1.21 percent quoting at $19.39 an ounce in New York.