Silver prices edged lower on June 29 tracking weakness in gold prices and dollar weakness. The precious metal has been stuck in a narrow range amid a lack of clear direction in gold or industrial metals.

The white metal extended decline in the afternoon session after a negative start tracking weak global cues.

The semi-precious metal has been trading lower than 5, 20, 50 and 100 days’ moving averages but higher than the 200-day moving average on the daily chart. The momentum indicator Relative Strength Index (RSI) is at 37.01, which indicates weakness in the price.

Silver holdings in iShares ETF were unchanged at 17,395.73 tonnes, the lowest level since January. The fund NAV is trading at a discount of 0.28 percent.

The US dollar index jumped to 91.98, up 0.12 percent against the major cross.

Kshitij Purohit, Product Manager, Currency & Commodities, CapitalVia Global Research Limited said, “MCX Silver future has resumed slightly gapped down at Rs 67,869, continuing sideways momentum as it is trading around the support of Rs 67,700. LBMA Silver spot is still around the psychological mark of $26, however, it failed to break below the support of $25.80 in the previous session. Traders will keep an eye on Consumer confidence set to release in the evening session.”

The spot gold/silver ratio currently stands at 68.14 to 1 indicating that silver has outperformed gold.

MCX Bulldesk decreased 59 points or 0.41 percent, at 14,487 at 15:22. The index tracks the real-time performance of MCX Gold and MCX Silver futures.

In the futures market, silver for July delivery touched an intraday high of Rs 68,145 and a low of Rs 67,600 per kg on the MCX. So far in the current series, the precious metal has touched a low of Rs 63,456 and a high of Rs 74,222.

Silver delivery for the July contract slides Rs 378, or 0.55 percent to Rs 67,763 per kg at 15:23 hours with a business turnover of 2,586 lots. The same for the September contract declined Rs 377, or 0.54 percent, to Rs 68,856 per kg with a turnover of 11,408 lots.

The value of July and September’s contracts traded so far is Rs 303.70 crore and Rs 1,057.29 crore, respectively.

Similarly, the Silver Mini contract for August slipped Rs 355, or 0.51 percent at Rs 69,000 on a business turnover of 14,001 lots.

Silver may witness choppy trade along with gold and industrial metals however the general bias may be on the downside owing to concerns about Fed’s monetary tightening and China’s crackdown on commodities, said Kotak Securities.

At 0956 (GMT), the precious metal fell 0.50 percent and quoting at $26.09 an ounce in New York.