Multi Commodity Exchange (MCX) Silver

Multi Commodity Exchange (MCX) Silver: Silver looks steady at 1:30 PM around 72,500 rupees. Immediate support for Silver stays at 71800 rupees and resistance is there at 73500 rupees. The most-active gold for June delivery on the Multi Commodity Exchange (MCX) was trading 0.27 percent lower at 21,926 rupees, falling from a record high of 22,172 rupees hit in the previous session. "We have done good sales from morning. I covered for 150 kgs at $1,498-1,504 (an ounce)," said a dealer with a state-run bank in Mumbai, adding "I have plenty of enquiries for silver as well." Silver fell sharply from its record high following the yellow metal. On Saturday morning, Silver breached the psychological milestone of 70,000 rupees a kg by following strong speculative activities and aggressive cornering by seasonal traders.

India, the world's largest consumer of the yellow metal, will celebrate Akshaya Tritiya on May 6, when demand for bullion tends to go up.

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