Silver futures up 0.36% in afternoon trade

Silver prices rose to Rs 49,160 per kg on June 30 as participants increased their long positions.

Silver holdings in iShares ETF increased 37.67 tonnes to 15,321.7 tonnes, a fresh record high.

In the futures market, silver for September delivery touched an intraday high of Rs 49,300 and a low of Rs 49,064 per kg on the MCX. So far in the current series, the precious metal has touched a low of Rs 41,558 and a high of Rs 51,697.

Silver delivery for September contract gained Rs 177, or 0.36 percent, to Rs 49,160 per kg at 14:23 hours with a business turnover of 10,573 lots. The same for the December contract fell Rs 35, or 0.07 percent, to Rs 50,028 per kg with a turnover of 13 lots.

The value of September and December contracts traded so far is Rs 700.58 crore and Rs 0.75 crore, respectively.

The spot gold/silver ratio currently stands at 99.26 to 1, which means the amount of silver required to buy one ounce of gold. The spot gold/silver ratio is hovering near 100 and may rise further unless silver gets a strong investor buying or improved demand outlook.

MCX September Silver price is likely to trade in a range for the session with support at Rs 48,800-48,650 whereas resistance is at Rs 49,350-49,530 levels, according to Motilal Oswal.

The broking firm spot silver has intraday support at $17.65-17.45 whereas resistance is at $18-18.15/oz.

At 09:00 (GMT), the precious metal was up 0.17 percent quoting at $18.09 an ounce in New York.

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