Silver poised to open above Rs 60\,000 per kg

Silver is poised to open 5% higher, above Rs 60,000 a kilo, tracking the international price on Comex which was up 5% in morning trade IST.

Silver on commodity bourse MCX, where trading commences at 9 am, closed 6.3% higher at Rs 57,387 a kilo on Tuesday. The contract price, adjusted for currency, mirrors the one on Comex division of the CME group.

Analysts have advised caution on the counter but the price momentum is too strong. Amit Modak, CEO, PN Gadgil & Sons, said this could be a very volatile phase.

If price opens at Rs 60,000 it will be around 25% below its record high of Rs 75,000 in April 2011.