Silver explodes near two-month high, MCX futures hit Rs 241K

COMEX Silver futures stayed well supported as the US dollar tanked following Treasury Department announcement that it would increase the size of its government debt repurchases. Silver soared in volatile trades yesterday and is currently holding near its two month high at $66.75 per ounce, up 1.40% on the day. Dollar tumbled yesterday as the US national debt hit $40 trillion, soaring at a time when its cost of borrowing remains elevated. Silver has generally been well supported after breaking above $60 per ounce. MCX Silver futures are trading at Rs 239191 per kg, up 1% on the day after hitting a high near Rs 241000 per kg.

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