Silver plunges as Yellen signals 2015 rate hike
30/03/2015 12:24
Silver futures tumbled in the domestic market on Monday as investors and speculators exited positions in the precious metal after Fed Chair Janet Yellen said that she expects the FOMC to begin monetary tightening this year, with subsequent rate lift-offs to be gradual rather than following a predictable path, dimming the appeal of the bullion as a store of value.
Further, a stronger dollar dampened the demand for the bullion as an alternative asset. Stronger dollar curbed the demand for the precious metal as an alternative asset.
At the MCX, Silver futures for May 2015 contract is trading at Rs 37,963 per 1 kg, down by 1.13 per cent after opening at Rs 38,200, against the previous closing price of Rs 38,395. It touched the intra-day low of Rs 37,886 till the closing. (At 12:06 PM).
30/03/2015 12:24
Silver futures tumbled in the domestic market on Monday as investors and speculators exited positions in the precious metal after Fed Chair Janet Yellen said that she expects the FOMC to begin monetary tightening this year, with subsequent rate lift-offs to be gradual rather than following a predictable path, dimming the appeal of the bullion as a store of value.
Further, a stronger dollar dampened the demand for the bullion as an alternative asset. Stronger dollar curbed the demand for the precious metal as an alternative asset.
At the MCX, Silver futures for May 2015 contract is trading at Rs 37,963 per 1 kg, down by 1.13 per cent after opening at Rs 38,200, against the previous closing price of Rs 38,395. It touched the intra-day low of Rs 37,886 till the closing. (At 12:06 PM).
