Silver futures trade near Rs 48,000 per kg

Silver rose to Rs 47,893 per kg on May 22 on escalating tension between the United States and China.

China plans to impose new security legislation on Hong Kong, which drew a sharp warning from US President Donald Trump that it would react ‘very strongly’ against this attempt, Reuters reported.

Silver holdings in iShares ETF jumped to a record high, up 246.43 tonne to 14,235.5 tonne.

In the futures market, silver for July delivery touched an intraday high of Rs 48,040 and a low of Rs 47,052 per kg on the Multi-Commodity Exchange (MCX). So far in the current series, the precious metal has touched a low of Rs 34,076 and a high of Rs 49,499.

The same for July delivery climbed Rs 529, or 1.12 percent, to Rs 47,864 per kg at 14:25 hours on a business turnover of 8,457 lots. September contracts were up Rs 522, or 1.09 percent, to Rs 48,470 per kg on a turnover of 465 lots.

The value of July and September contracts traded so far is Rs 1,243.58 crore and Rs 9.82 crore, respectively.

The spot gold/silver ratio currently stands at 101.85 to 1, which means the amount of silver required to buy one ounce of gold.

Kotak Securities said silver may witness trade sideways as risk sentiment results in mixed trade in gold and industrial metals, but buying may emerge due to robust investor buying.

At 09:05 (GMT), the precious metal gained 0.52 percent quoting at $17.45 an ounce in New York.

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