In the Multi commodity Exchange (MCX) Silver prices were steady at Rs 68,550 per kg on December 31 as participants HIKED their short positions as seen by the open interest. The precious metal had gained 1.4 percent yesterday on the commodity exchange.
The sILVER metal price has been stuck in a narrow range above USD26/oz amid lack of fresh triggers ahead of year-end. The prices were supported by the weakness in the US dollar and the improving demand outlook for the industrial sector amid a recovery in the manufacturing sector. The US dollar index trades lower at 89.61 levels, down 0.04 percent in the afternoon trade.
“This year silver gave the highest return, rising almost 45 pc on MCX and in the physical market. This year it is observed that silver was most lucrative for investors as gold has become expensive. After June 2020, silver started moving up and touched the lifetime high,” said Anuj Gupta- DVP- Commodities and Currencies Research, Angel Broking Ltd.