• 15/08/2022 8:38 pm

In the futures market, silver for September delivery touched an intraday high of Rs 68,900 and a low of Rs 67,450 per kg on the MCX

Silver prices were steady at Rs 67,620 per kg on August 21 as participants increased their long positions. The precious metal had lost 0.7 percent on the COMEX on August 20.

The white metal has witnessed mixed trade in the last few trading sessions amid a lack of clear cues.

However, weighing on the sentiment is the disappointing US economic data, which dampened outlook for the industrial metals.

India’s silver imports halved to 1,900 tonne in the first seven months of this year on weak demand and rising scrap supply amid record high prices, Reuters reported.

Silver holdings in iShares ETF dropped by 115.84 tonne to 17,817.43 tonne.

In the futures market, silver for September delivery touched an intraday high of Rs 68,900 and a low of Rs 67,450 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 77,949.

Silver futures for September delivery contract gained Rs 25, or 0.04 percent, to Rs 67,620 per kg at 14:22 hours on a business turnover of 10,293 lots. The same for the December delivery declined Rs 16, or 0.02 percent, to Rs 70,260 per kg on a turnover of 8,368 lots.

The value of September and December’s contracts traded so far is Rs 1,768.58 crore and Rs 232.85 crore, respectively.

The spot gold-to-silver ratio currently stands at 71.44 to 1, which means the amount of silver required to buy one ounce of gold.

“Silver may remain volatile along with gold amid lack of fresh triggers. However, we may see buying interest emerging at lower levels as general weakness in the dollar may continue to support commodities,” Kotak Securities said.

At 08:55 (GMT), the precious metal was down 0.01 percent at $27.14 an ounce in New York.

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