Spot prices in Mumbai touched a high of Rs 47,100 a kg.
Silver spot and futures prices hit record highs on Thursday as benchmark Comex contract posted a fresh 30-year high, while gold futures eased slightly tracking decline in Comex and firm rupee against the dollar.
March silver on the Multi Commodity Exchange (MCX) and ICEX hit a high of Rs 46,383 a kg,
At 1720 IST, silver futures on MCX and ICEX were trading around Rs 45,235, up 0.4 per cent from the previous close.
“International silver prices remained vibrant and continued to hit fresh 30-year highs due to the weakness in dollar and gains in base metals despite thin volumes in the market,” said an analyst at Religare Commodities.
Spot silver price in Mumbai touched Rs 47,100 a kg.
As of Wednesday, holdings of iShares Silver Trust, the world’s largest silver-backed exchange traded fund, were steady at 10,903.34 tonnes, the company website said.
The most active February gold contract on MCX was trading at Rs 20,766 per 10 gm, down Rs 8 from the previous close. February gold on ICEX was at Rs 20,765, down Rs 9.
Rupee rose to a three-week high against the dollar, which limited gains in domestic gold prices, said an analyst at Kotak-Commodity Services.
The rupee ended at 44.96 per dollar against 45.04 Wednesday.
International gold prices were trading in a tight range, as some recovery in the dollar against euro and year-end profit booking kept prices under pressure, said an analyst at Karvy Comtrade.
On Comex, benchmark February gold was at $1,412.00 an ounce, down $1.50 from the previous close.
Gold holdings with SPDR GoldTrust, the world’s largest gold-backed exchange traded fund, were steady at 1,284.06 tonnes as of Wednesday, the second-lowest level in nearly five months, the company website showed.
Outlook
International gold prices were likely to trade on a firm note tomorrow, as the weak dollar and likely poor US economic data will support buyer’s interest in the safe-haven metal, analysts said.
MCX February contract might face resistance at Rs 20,895 per 10 gm and find support at Rs 20,650, said the Kotak analyst.
February gold contract on Comex was likely to face resistance at $1,423 an ounce and might find support at $1,408, the Karvy analyst said.
MCX March silver was likely to trade in the range of Rs 45,890-46,505 a kg on Thursday, analysts said.
