Silver lower amid caution ahead of Yellen speech
27/03/2015 12:27
Silver futures fell in the domestic market on Friday as investors and speculators exited positions in the precious metal amid caution ahead of the speech of Fed Chair Janet Yellen tomorrow who will speak at the Federal Reserve Bank of San Francisco Conference on Friday on “The New Normal for Monetary Policy”, and may offer cues over the timing to undertake the maiden US interest rate hike since 2006.
Further, a stronger dollar curbed the demand for the bullion as an alternative asset. Stronger greenback makes silver more expensive for those holding other currencies, thus dimming demand.
At the MCX, Silver futures for May 2015 contract is trading at Rs 38,465 per 1 kg, down by 0.38 per cent after opening at Rs 38,319, against the previous closing price of Rs 38,613. It touched the intra-day low of Rs 38,319 till the closing. (At 12:15 PM).
27/03/2015 12:27
Silver futures fell in the domestic market on Friday as investors and speculators exited positions in the precious metal amid caution ahead of the speech of Fed Chair Janet Yellen tomorrow who will speak at the Federal Reserve Bank of San Francisco Conference on Friday on “The New Normal for Monetary Policy”, and may offer cues over the timing to undertake the maiden US interest rate hike since 2006.
Further, a stronger dollar curbed the demand for the bullion as an alternative asset. Stronger greenback makes silver more expensive for those holding other currencies, thus dimming demand.
At the MCX, Silver futures for May 2015 contract is trading at Rs 38,465 per 1 kg, down by 0.38 per cent after opening at Rs 38,319, against the previous closing price of Rs 38,613. It touched the intra-day low of Rs 38,319 till the closing. (At 12:15 PM).
