Silver gains 0.7% to Rs 65,462 per kg in futures trade

Silver prices jumped to Rs 65,462 per kg on July 29 as participants their long positions. The white metal has been impacted by choppy trade in the dollar and volatility in gold ahead of the US Federal Reserve decision later in the day.

Silver holdings in iShares ETF increased by 231.74 tonne to 17,611.72 tonne, a fresh high.

In the futures market, silver for September delivery touched an intraday high of Rs 65,749 and a low of Rs 64,660 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 67,560.

Silver futures for September delivery gained Rs 458, or 0.70 percent, to Rs 65,462 per kg at 14:20 hours on a business turnover of 12,763 lots. The same for December delivery rose Rs 489, or 0.74 percent, to Rs 66,950 per kg on a turnover of 736 lots.

The value of September and December contracts traded so far is Rs 2,507.11 crore and Rs 22.26 crore, respectively.

The spot gold-to-silver ratio currently stands at 80.36 to 1, which means the amount of silver required to buy one ounce of gold.

Silver will trade in a broad range for the session with support placed at Rs 64,390-64,000 and resistance at Rs 65,775-66,030, according to Motilal Oswal.

At 08:57 (GMT), the precious metal was up 0.91 percent at $24.52 an ounce in New York.

For all commodities related news, click here