Mumbai Commodities Control - Silver soared as much as 7.4% to climb a nearly six-month peak on Monday, after social media posts last week called for retail investors to flood into the market and push up prices of the precious metal.
Spot silver hit its highest since Aug. 11 at $28.98 an ounce, and was up 5.4% to 28.45 by 0049 GMT.
Meanwhile, Spot gold rose 0.3% to $1,852.35 per ounce. U.S. gold futures gained 0.3% to $1,856.30.
Silver is advancing its positive trend outpacing gold thereby resulting in a further fall in the gold-silver ratio to 65.37. The gold-silver ratio dropped to a multi-year low of 68.42 last Friday. Silver has risen nearly 15% since Thursday, when posts began circulating on Reddit urging retail investors to buy silver mining stocks and iShares Silver Trust, an exchange-traded fund (ETF) backed by physical silver bars.
Speculators upped their bullish positions in COMEX gold and silver contracts in the week to Jan. 26, data showed on Friday.
Meanwhile, 10 moderate Republican U.S. senators urged President Joe Biden on Sunday to significantly downsize his sweeping $1.9 trillion COVID-19 relief package.
The global precious metals market ended the January month on a mixed note with gold ending in red while silver closing at a 4-month high. CME gold futures ended at $1850 a troy ounce while silver futures ended higher at $26.914 a troy ounce.
The positive trend is expected to continue in both gold and silver during the day, hence, intraday traders are advised to initiate buy positions for the day.
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Gold MCX Apr: Buy at 49,300 TP 49,600 SL 49,150
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