Silver futures trade flat at Rs 69,603 per kg on subdued global cues
In the futures market, silver for March delivery touched an intraday high of Rs 69,948 and a low of Rs 69,420 per kg on the MCX.
Silver
Silver prices were steady at Rs 69,603 per kg on February 10 as participants increased long positions as seen by the open interest. The precious metal had eased 0.6 percent yesterday on the COMEX.
The white metal traded flat after a gap up open tracking subdued global cues and a weak dollar.
Kotak Securities said, after days of sharp volatility, silver has stabilised and is reflecting the general trend in gold and industrial metals. However, prices are still well above the levels before the start of recent buying frenzy while gold-silver ratio also remains near record lows which shows there is room for more correction.
Experts suggest buying the dip in the domestic precious metal prices. Any dip towards Rs 47,580 should be used to go long for the target of Rs 49,100 per 10 gm.
At the Interbank Foreign Exchange (forex), the rupee opened sharply higher at 72.86 against the dollar. During the session, the unit touched a high of 72.80.