Silver futures slip 0.59% in afternoon trade

June 03
14:56 2020

Silver prices dipped to Rs 48,790 per kg on June 3 as participants increased their short positions.

Holdings of the white metal in iShares ETF increased 207.98 tonne to 14,721.77 tonne, a new record high.

In the futures market, silver for July delivery touched an intraday high of Rs 49,210 and a low of Rs 48,670 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 51,235.

Silver futures for July delivery slipped Rs 290, or 0.59 percent, to Rs 48,790 per kg at 14:22 hours on a business turnover of 12,174 lots. The same for September delivery decreased Rs 322, or 0.65 percent, to Rs 49,537 per kg on a turnover of 944 lots.

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The value of July and September contracts traded so far is Rs 1,117.92 crore and Rs 9.52 crore, respectively.

The spot gold/silver ratio currently stands at 96.50 to 1, which means the amount of silver required to buy one ounce of gold.

Silver is likely to trade negatively with resistance at Rs 49,500 and intermediate resistance at Rs 49,100, according to Motilal Oswal. The brokerage firm advised its clients to sell on a rise targeting lower support at Rs 48,300-48,000 zone.

At 08:56 (GMT), the precious metal was trading down 0.79 percent at $ 18.11 an ounce in New York.

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