Silver prices edged higher to Rs 60,369 per kg on October 30 as participants increased their long positions. The precious metal ended flat on the COMEX on October 29.
Prices have been trading firm, tracking gains in gold, amid a modest retreat in the dollar. The dollar index trades lower at 93.85 levels, down 0.13 percent.
Silver holdings in iShares ETF fell by 28.9 tonne to 17,411.69 tonne.
MCX iCOMDEX Bullion Index gained 63.1 points, or 0.41 percent, at 15,412.73 at 15:14 hours. The index tracks the real-time performance of MCX Gold and MCX Silver futures.
In the futures market, silver for December delivery touched an intraday high of Rs 60,665 and a low of Rs 59,918 per kg on the Multi-Commodity Exchange (MCX). So far in the current series, the precious metal has touched a low of Rs 49,415 and a high of Rs 79,723.
Silver futures for December delivery rose Rs 197, or 0.33 percent, to Rs 60,369 per kg at 15:15 hours on a business turnover of 14,586 lots. The same for March delivery soared Rs 202, or 0.33 percent, to Rs 61,936 per kg on a turnover of 1,937 lots.
The value of December and March’s contracts traded so far is Rs 1,427.94 crore and Rs 32.31 crore, respectively.
The spot gold-to-silver ratio currently stands at 80.05 to 1 indicating that silver has outperformed gold.
“MCX December Silver futures respected Rs 58,400 levels and moved above Rs 60,000, indicating sideways momentum in the coming session, with support placed at Rs 59,700-58,900 and resistance at Rs 60,600-61,200 levels,” Reliance Securities said.
Anuj Gupta, DVP – Commodities and Currencies Research, Angel Broking, said, “As for today, traders can buy silver at Rs 60,000 levels, with a stop-loss at Rs 59,200, for a target of Rs 61,200 levels.”
At 09:57 (GMT), the precious metal was up 0.5 percent at $23.47 an ounce in New York.