Silver futures down 1.5% in afternoon trade

April 28, 2020

Mumbai-India (Apr 28)  Silver prices declined to Rs 41,327 per kg on April 28 as participants trimmed their position tracking global cues.

On the MCX, silver for May delivery touched an intraday high of Rs 41,700 and a low of Rs 41,275 per kg. So far in the current series, the precious metal has touched a low of Rs 33,580 and a high of Rs 50,123.

Silver delivery for May slipped Rs 628, or 1.50 percent, to Rs 41,329 per kg at 1430 hours, with a business turnover of 3,118 lo

The same for July contract was down Rs 562, or 1.32 percent, to Rs 41,958 per kg with a turnover of 3,550 lots.

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The value of May and July contracts traded so far is Rs 557.09 crore and Rs 203.71 crore, respectively.

The spot gold/silver ratio currently stands at 113.34 to 1, which means the amount of silver required to buy one ounce of gold.

MCX silver will trade in a range for the session, with support placed at Rs 41,365-41,150 whereas resistance is at Rs 41,900-42,125, according to Motilal Oswal.

At 0903 GMT, the precious metal was up 1.05 percent quoting at $15.05 an ounce in New York.


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