Silver bulls rule the roost
03/08/2016 14:24
Silver futures climbed during noon trade in the domestic market on Wednesday as investors and speculators booked fresh positions in the precious metal amid rising speculation that the US Federal Reserve may put off an interest rate hike this year as soft data suggested a tame recovery in the world’s biggest economy, bolstering the lure for the bullion as a store of value.
The US economy grew at a less than expected 1.2 per cent annualized rate in Q2 while data on Tuesday showed that inflation remains muted with the core US personal consumption expenditures (PCE) index, the Fed’s preferred gauge of inflation rising 1.6 per cent in June 2016, year-on-year, compared to the targeted 2 per cent.
At the MCX, silver futures for September 2016 contract is trading at Rs 48,328 per kg, up by 0.53 per cent, after opening at Rs 48,229, against a previous close of Rs 48,071. It touched the intra-day high of Rs 48,444(at 14:17 PM).
03/08/2016 14:24
The US economy grew at a less than expected 1.2 per cent annualized rate in Q2 while data on Tuesday showed that inflation remains muted with the core US personal consumption expenditures (PCE) index, the Fed’s preferred gauge of inflation rising 1.6 per cent in June 2016, year-on-year, compared to the targeted 2 per cent.
At the MCX, silver futures for September 2016 contract is trading at Rs 48,328 per kg, up by 0.53 per cent, after opening at Rs 48,229, against a previous close of Rs 48,071. It touched the intra-day high of Rs 48,444(at 14:17 PM).
