Silver records biggest single-day jump in three years

Metal adds as much as Rs 2,260, or 5%, to close at Rs 47,340 a kg, the highest since March 2014

Silver prices in the spot market here have seen the biggest single-day jump in prices in the past three years, on Monday rising  to Rs 2,260 to close five per cent higher at Rs 47,340 a kg.

In the international market, silver crossed $21 announce in morning trade and at evening time in India, was trading at $20.6 an ounce. Following indications of further quantitative easing in the wake of Britain's exit from the European Union, which means pumping of more liquidity, all commodities have rebounded. Silver was the highest gainer among all. Monday's price is also the highest after March 2014.

According to Chirag Thakkar, director of Amrapali Group, prices will now consolidate around this level and likely remain range-bound.

Gold has also seen a sharp jump and is now trading above $1,350 an ounce. In Mumbai, standard gold closed Rs 335 higher at Rs 31,080, which is the highest after November 2013. However, the spot market is still quoting at a huge discount which means lack of demand. Discount on Monday, as polled by NCDEX, widened to $45 an ounce or nearly Rs 1,000 for 10 gram.