Silver metal extended its gains on Monday on the back of rising oil and gold prices. Crude oil was trading around $142/bbl on Monday, close to its Friday’s record high of $142.99/bbl.
Silver’s July contract on
MCX opened at Rs24,570/kg, its day’s low but it went on to touch a high of Rs24,890/kg on Monday. It was last traded (16:44 IST) at Rs24,687/kg.
“Support for silver is at $17.52 today, with $17.49 and $17.41 as possibilities. Primary resistance is at $17.60, with a secondary resistance band between $17.65 and $17.73,” said a
Standard Bank report.
In London silver was fixed at $17.60/oz on Monday.