Silver spikes 5% on Monday to hit two-month top, MCX futures above Rs 1 lakh per kg

COMEX Silver futures are trying to stabilize after witnessing a massive spike in last session. Silver soared in tune with Gold and a massive jump in Copper as weakness in the US dollar index boosted commodities. The white metal spiked 5% to hit a two-month top near $35 per ounce before upside resistance capped the gains. Silver has been rising steadily over last few sessions amid a sustained fall in COMEX Silver inventories which fell to 495.40 million ounces yesterday ? recording their lowest level in last one month. The metal currently trades at $$34.36 per ounce, down 1% on the day. MCX Silver futures are trading at Rs 100835 per kg, down 0.62% after spiking 4% in last session. The daily trading volume nearly doubled too in the last session.

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