Silver prices rose to Rs 67,169 per kg on August 13 as participants increased their long positions as seen by the open interest. The precious metal fell 0.3 percent on August 12 on COMEX.
The white metal has been witnessing wild swings after a vertical fall from the record highs this week and touched $23.58/ounce intraday on August 12, the lowest since July 31.
In the Indian market, silver prices declined 14.06 percent, or Rs 10,962 from the record high of Rs 77,949 per kg touched on August 7.
Silver holdings in iShares ETF jumped by 75.27 tonnes to 17,855.07 tonnes on increased investor inflows at the lower levels.
In the futures market, silver for September delivery touched an intraday high of Rs 67,458 and a low of Rs 66,250 per kg on the 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 delivery for September contract gained Rs 416, or 0.62 percent, to Rs 67,169 per kg at 14:31 hours with a business turnover of 10,024 lots. The same for the December contract edged higher Rs 480, or 0.70 percent, to Rs 69,500 per kg with a turnover of 4,805 lots.
The value of September and December contracts traded so far is Rs 2,320.14 crore and Rs 164.88 crore, respectively.
The spot gold/silver ratio currently stands at 74.66 to 1, which means the amount of silver required to buy one ounce of gold.
For the day, we expect silver to remain volatile however selling may emerge at higher levels as rising bond yield may keep a check on gold prices. The trend in the US dollar may continue to be a key determining factor for bullion prices, said Kotak Securities.
At 09:05 (GMT), the precious metal was up 0.36 percent quoting at $26.07 an ounce in New York.