The price of silver recovered to Rs.68,096 per kg on 3rd February after dipping by 10.3% the previous day on the COMEX. This is due to participants expanding their positions, as reported by MoneyControl.
Small retail traders tried a short squeeze on silver, but that has as of now failed because of many reasons, one of them being the raising of maintenance margin by 17.9% on silver futures. Yesterday the US Mint declared that they were not able to meet rising demand because a lot of it was pandemic-driven and also because of plant capacity issues.
Sriram Iyer, Senior Research Analyst at Reliance Securities told MoneyControl that the domestic silver prices are trading anywhere between flat and marginally higher since morning to early afternoon today.
