Silver prices edged higher to Rs 68,751 per kg on February 12 as participants increased their long positions.
The white metal traded in the positive territory after a gap-up open in the evening session.
Silver holdings in iShares ETF fell by 137.2 tonnes to 19,613.05 tonnes on increased outflow.
The US dollar index trades higher at 90.53 levels, up 0.24 percent in the evening trade.
MCX iCOMDEX Bullion Index was down 32.95 points, or down 0.22 percent, at 14,998.13 at 18:28. The index tracks the real-time performance of MCX Gold and MCX Silver futures.
Sriram Iyer, Senior Research Analyst at Reliance Securities, said, “International silver prices are trading with small gains this Thursday morning and early afternoon trade in Asia. Technically, LBMA silver spot range for the rest of the session is $26.70-27.30.”
“Domestic silver prices are trading with small gains this Thursday morning and early afternoon trade, tracking overseas prices. Technically, MCX silver March range for the rest of the session is Rs 68,300-69,500,” he said.
In the futures market, silver for March delivery touched an intraday high of Rs 69,022 and a low of Rs 68,330 per kg on the MCX. So far in the current series, the precious metal has touched a low of Rs 54,386 and a high of Rs 79,980.
Silver delivery for March contract gained Rs 259, or 0.38 percent to Rs 68,751 per kg at 18:34 hours with a business turnover of 13,029 lots. The same for the May contract soared Rs 138, or 0.20 percent, to Rs 69,829 per kg with a turnover of 1,998 lots.
The value of March and May’s contracts traded so far is Rs 1,316.75 crore and Rs 45.47 crore, respectively.
The spot gold/silver ratio currently stands at 67.08 to 1 indicating that silver has outperformed gold.
Kshitij Purohit, Product Manager, Currency & Commodities, CapitalVia Global Research Limited, said: “MCX Silver is sustaining above Rs 68,400-68,200 levels. Intraday resistance is at Rs 69,150-69,300 levels which could be tested in the evening session. Major trend is bearish so “sell on rise” strategy could be followed.
At 1301 (GMT), the precious metal was up 0.38 percent quoting at $27.15 an ounce in New York.
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