Silver futures rise 0.37% to Rs 68,697 per kg

Silver prices rose to Rs 68,697 per kg on September 10 as participants increased their long positions. The precious metal settled with a gain of 0.3 percent on the COMEX on September 10.

It have been trading in a narrow range, reflecting lack of direction in the market.

Silver holdings in iShares ETF fell 81.07 tonne to 17,373.25 tonne on weaker investor interest.

In the futures market, silver for December delivery touched an intraday high of Rs 68,974 and a low of Rs 68,471 per kg on the Multi-Commodity Exchange (MCX). So far in the current series, the precious metal has touched a low of Rs 49,415 and a high of Rs 79,723.

Silver futures for December delivery gained Rs 254, or 0.37 percent, to Rs 68,697 per kg at 14:14 hours on a turnover of 16,400 lots. The same for the March delivery jumped Rs 311, or 0.44 percent, to Rs 70,770 per kg on a turnover of 173 lots.

The value of December and March’s contracts traded so far is Rs 1,174.11 crore and Rs 10.62 crore, respectively.

The spot gold-to-silver ratio currently stands at 72.09 to 1, which means the amount of silver required to buy one ounce of gold.

"Intraday bias for MCX Silver looks positive as long as Rs 67,970-67,600 is held as support, whereas resistance is placed at Rs 69,430-69,635," Motilal Oswal said.

At 08:48 (GMT), the precious metal gained 0.51 percent at $27.22 an ounce in New York.