Silver futures up 0.45% to Rs 68,238 per kg on dollar weakness
In the futures market, silver for December delivery touched an intraday high of Rs 68,292 and a low of Rs 67,906 per kg on the MCX.
by Moneycontrol NewsSilver prices rose to Rs 68,238 per kg on September 14 as participants increased their long positions. The precious metal settled with a gain of 0.5 percent last week on the COMEX.
The US Dollar Index, measured against a basket of six currencies, slipped 0.26 percent to trade at 93.09.
The white metal has been directionless as support from improving outlook for industrial demand amid continuing improvement in manufacturing sector worldwide is countered by ETF outflow, which shows weaker investor interest.
Silver holdings in iShares ETF remained unchanged at 17,321.14 tonne.
In the futures market, silver for December delivery touched an intraday high of Rs 68,292 and a low of Rs 67,906 per kg on the Multi-Commodity Index (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 310, or 0.45 percent, to Rs 68,238 per kg at 14:20 hours on a business turnover of 16,501 lots. The same for March delivery edged higher by Rs 419, or 0.60 percent, to Rs 70,595 per kg on a turnover of 253 lots.
The value of December and March’s contracts traded so far is Rs 965.39 crore and Rs 3.38 crore, respectively.
The spot gold-to-silver ratio currently stands at 72.50 to 1, which means the amount of silver required to buy one ounce of gold.
"Silver may witness choppy trade along with gold and may be bound in the $26-28 troy ounce range unless there are major triggers. We, however, expect gold to benefit from choppy dollar and this may support silver as well," said Kotak Securities.
At 08:53 (GMT), the precious metal gained 0.63 percent at $27.02 an ounce in New York.
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