Silver September futures hit fresh record high of Rs 52,527 per kg

Silver prices were supported by improved demand outlook for industrial metal and weakness in the US dollar index

Silver prices climbed to Rs 52,466 per kg on July 13 as participants increased their long positions. The precious metal has risen 4 percent last week on the COMEX, benefitting from the strength in gold and industrial metals.

Silver holdings in iShares ETF rose by 150.66 tonne to 16,043.02 tonne, a record high.

In the futures market, silver for September delivery touched an intraday high of Rs 52,527 and a low of Rs 51,780 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 52,527.

Silver futures for September delivery jumped Rs 1,045, or 2.03 percent, to Rs 52,407 per kg at 14:25 hours on a business turnover of 15,856 lots. The same for the December delivery gained Rs 1,070, or 2.04 percent, to Rs 53,490 per kg on a turnover of 314 lots.

The value of September and December contracts traded so far is Rs 1,809.94 crore and Rs 13.88 crore, respectively.

The spot gold-to-silver ratio currently stands at 94.63 to 1, which means the amount of silver required to buy one ounce of gold.

Silver is likely to trade in a higher range with support at Rs 51,640-51,400 and resistance at Rs 52,250-52,450, Motilal Oswal said. The broking firm said spot silver has strong resistance at $19.04, whereas support is seen at $18.65-18.40.

At 08:59 (GMT), the precious metal was up 2.33 percent at $19.49 an ounce in New York.

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