US rate outlook drags down Silver
31/03/2015 12:59
Silver futures fell in the domestic market on Tuesday as investors and speculators exited positions in the precious metal amid speculation that Friday’s jobs data which may signal a thirteenth month of payrolls topping the 200K mark in March, could add the heat on the US Federal Reserve to raise interest rates in the coming months, dimming the appeal of the bullion as a store of value.
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 37,110 per 1 kg, down by 0.95 per cent after opening at Rs 37,336, against the previous closing price of Rs 37,446. It touched the intra-day low of Rs 37,050 till the closing. (At 12:45 PM).
31/03/2015 12:59
Silver futures fell in the domestic market on Tuesday as investors and speculators exited positions in the precious metal amid speculation that Friday’s jobs data which may signal a thirteenth month of payrolls topping the 200K mark in March, could add the heat on the US Federal Reserve to raise interest rates in the coming months, dimming the appeal of the bullion as a store of value.
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 37,110 per 1 kg, down by 0.95 per cent after opening at Rs 37,336, against the previous closing price of Rs 37,446. It touched the intra-day low of Rs 37,050 till the closing. (At 12:45 PM).
