Silver futures climb above Rs 55,000 per kg, COMEX price inches towards $21/ozPage Visited: 25
Silver edged higher to Rs 55,414 per kg on July 21 as participants increased their long positions. The precious metal price has rallied 2.2 percent on the COMEX to $20.39/oz, a four-year high, benefitting from the weakness in the dollar and firmness in industrial metals.
Silver holdings in iShares ETF rose by 118.78 tonne to 16,379.08 tonne, a record high.
In the futures market, silver for September delivery touched an intraday high of Rs 55,600 and a low of Rs 54,802 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 55,600.
Silver futures for September delivery gained Rs 1,380, or 2.56 percent, to Rs 55,385 per kg at 14:15 hours on a business turnover of 18,546 lots. The same for the December delivery rose Rs 1,403, or 2.54 percent, to Rs 56,589 per kg on a turnover of 565 lots.
The value of September and December contracts traded so far is Rs 3,062.44 crore and Rs 34.19 crore, respectively.
The spot gold-to-silver ratio currently stands at 89.39 to 1, which means the amount of silver required to buy one ounce of gold. This decline indicates that silver has outperformed gold.
Silver has support placed at Rs 54,400-54,250, whereas resistance is seen at Rs 55,300-55,550, according to Motilal Oswal.
The broking firm said spot silver has intraday support at $19.75-19.50 and resistance at $20.30-20.60 levels.
At 08:50 (GMT), the precious metal was up 3.05 percent at $20.80 an ounce in New York.
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