Silver prices climbed a new peak record at Rs 32,039 per kg on brisk buying by stockists and industrial units in tandem with a firming global trend. Jewellers and coins' manufacturers purchased silver to accommodate the festival and marriage season demand. The Gold Silver ratio probed as low as 61.49 before closing higher on the day at current 62.22.

The ratio has dropped from 68.35 over the past few weeks. Silver opened the day on its lows at 31598, before rallying to a high 32039 on dollar weakness. Range trading for most of the rest of the session took us to a close of
31964. Now support for the silver is seen at 31695 and below could see a test of 31426. Resistance is now likely to be seen at 32136, a move above could see prices testing 32308.

Trading Ideas: Silver trading range is 31426-32308.

Silver prices climbed a new peak record on brisk buying by stockists and industrial units

Silver is taking resistance at 32140 and support is at 31700.

In spot silver looks to have a support at 20.32$ and resistance at 20.74$