Wiping-off initial losses, silver prices recovered by 1.

59 per cent to Rs 51,260 per kg in futures trade after participants created speculative position as rupee plunged to historic low. However, weakness in the precious metals in the global market, limited the gains. At the Multi Commodity Exchange, silver for delivery in September traded Rs 801, or 1.59 per cent higher at Rs 51,260 per kg in business turnover of 13,313 lots. It moved between Rs 50,005 and Rs 51,400 during the day. On the similar lines, the white metal for delivery in far- month December after dipping to Rs 51,339, recovered sharply by Rs 771, or 1.30 per cent to Rs 52,425 per kg in 879 lots. Analysts said the depreciating rupee which made imports costlier, helped silver futures to trade higher but a weak trend overseas as investors awaiting minutes from the US central bank's July policy meeting for clues on when it will begin scaling back its commoditiesfriendly stimulus steps, limited the gains. Meanwhile, silver fell by 0.60 per cent to USD 22.86 an ounce in London today.
Wiping-off initial losses, silver prices recovered by 1.59 per cent to Rs 51,260 per kg in futures trade after participants created speculative position as rupee plunged to historic low. However, weakness in the precious metals in the global market, limited the gains. At the Multi Commodity Exchange, silver for delivery in September traded Rs 801, or 1.59 per cent higher at Rs 51,260 per kg in business turnover of 13,313 lots. It moved between Rs 50,005 and Rs 51,400 during the day. On the similar lines, the white metal for delivery in far- month December after dipping to Rs 51,339, recovered sharply by Rs 771, or 1.30 per cent to Rs 52,425 per kg in 879 lots. Analysts said the depreciating rupee which made imports costlier, helped silver futures to trade higher but a weak trend overseas as investors awaiting minutes from the US central bank's July policy meeting for clues on when it will begin scaling back its commodities-friendly stimulus steps, limited the gains. Meanwhile, silver fell by 0.60 per cent to USD 22.86 an ounce in London today.

Silver regained Rs 60,000 per kg level with prices soaring by 3.23 per cent to Rs 60,425 per kg in futures trade today as speculators indulged in creating huge positions amid a firming trend in the global market. Besides, sliding rupee which plunged to hit an all-time low of Rs 68.75 also influenced white metal prices.

At the Multi Commodity Exchange, silver for delivery in December shot up by Rs 1,892, or 3.23 per cent, to Rs 60,425 per kg in business turnover of 671 lots. Similarly, the white metal for delivery in September traded higher by Rs 1,932, or 3.37 per cent, to Rs 59,222 per kg in 3,806 lots. Market analysts said besides increased demand at the spot market, a firming global trend as speculation that the US may lead military strikes against Syria within days spurred investors' demand for the precious metals, helped silver to trade above Rs 60,000 per kg level for the first time since November last year. Meanwhile, silver climbed 0.80 per cent to USD 24.65 an ounce in Singapore.

MUMBAI (Commodity Online): India silver futures was seen moving towards 60,000 per kilogram on Wednesday tracking significant up trend on Multi Commodity Exchange (MCX) gold prices. Depreciation of Indian Rupee (INR) against US Dollar (USD) is expected to support further upward movement in the commodity prices. Silver futures for September delivery on Multi Commodity Exchange (MCX) was seen trading up by 2.41% at Rs.58721 per kilogram as of 11.06 AM IST on Wednesday. For intra-day, support for MCX silver is seen at 57200 level while strong resistance is seen at 60000 level. A rally towards 60000 looks possible, said John Godson, Technical Analyst at Commodity Online. If commodity breaks 60000 level, then it may witness steady rally towards 61000 level. Technical indicators suggest the commodity is in overbought territory signalling further upward movement in the prices, he added. INR was seen touching 67.93 against USD, with a depreciation of 2.42% as of 11.18 AM IST on Wednesday. MCX gold for October delivery was seen trading up by 1.94% at Rs.34370 per 10 grams as of 11.10 AM IST on Wednesday. Meanwhile, silver futures for September delivery on Globex platform of Comex was seen trading with a gain of 0.29 cents at $24.94 per troy ounce as of 11.22 AM IST on Wednesday. Gold futures for September delivery on Globex platform of Comex was seen trading with a gain of $ 6.8cents at 1427.5 per troy ounce as of 11.24 AM IST on Wednesday