Silver down as Fed sees economic rebound
30/04/2015 12:37
Silver futures were trading lower in the domestic market on Thursday as investors and speculators exited positions in the precious metal after the US Federal Reserve sounded optimistic over the outlook for the world’s biggest economy despite the first quarter slowdown that was mainly pinned down to “transitory factors”, leaving the door open for an initial rate lift-off later this year, dimming the appeal of the bullion as a store of value.
The Fed stressed that it expects the economy to pick up following a Q1 standstill and that inflation will gradually move back to the 2 per cent goal.
At the MCX, Silver futures for May 2015 contract is trading at Rs 37,421 per 1 kg, down by 0.78 per cent after opening at Rs 37,350, against the previous closing price of Rs 37,714. It touched the intra-day low of Rs 37,270. (At 12:23 PM).
30/04/2015 12:37
Silver futures were trading lower in the domestic market on Thursday as investors and speculators exited positions in the precious metal after the US Federal Reserve sounded optimistic over the outlook for the world’s biggest economy despite the first quarter slowdown that was mainly pinned down to “transitory factors”, leaving the door open for an initial rate lift-off later this year, dimming the appeal of the bullion as a store of value.
The Fed stressed that it expects the economy to pick up following a Q1 standstill and that inflation will gradually move back to the 2 per cent goal.
At the MCX, Silver futures for May 2015 contract is trading at Rs 37,421 per 1 kg, down by 0.78 per cent after opening at Rs 37,350, against the previous closing price of Rs 37,714. It touched the intra-day low of Rs 37,270. (At 12:23 PM).
