Silver futures up 0.6% in afternoon trade

Silver prices rose to Rs 51,369 per kg on July 10 as participants increased their long positions.

Silver holdings in iShares ETF rose by 254.97 tonne to 15,892.36 tonne, a new record high.

In the futures market, silver for September delivery touched an intraday high of Rs 51,378 and a low of Rs 50,952 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 52,144.

Silver futures for September delivery jumped Rs 307, or 0.6 percent, to Rs 51,398 per kg at 14:20 hours on a business turnover of 14,053 lots. The same for the December delivery gained Rs 336, or 0.64 percent, to Rs 52,539 per kg on a turnover of 306 lots.

The value of September and December contracts traded so far is Rs 1,171.33 crore and Rs 6.90 crore, respectively.

The spot gold-to-silver ratio currently stands at 96.76 to 1, which means the amount of silver required to buy one ounce of gold.

Silver is trading in a consolidative range for the day, with support at Rs 50,730-50,520 and resistance at Rs 51,350-51,550, Motilal Oswal said. The broking firm said spot silver has an intraday support at $18.40-18.25 and resistance at $18.95-19.10.

At 08:55 (GMT), the precious metal was up 0.53 percent at $19.06 an ounce in New York.