Silver buoyed by Fed rate outlook
18/08/2016 14:36
Silver futures rose during noon trade in the domestic market on Thursday as investors and speculators booked fresh positions in the precious metal tracking a rally overseas as a weaker dollar bolstered the appeal of silver as an alternative asset.
Weaker greenback makes silver cheaper for those holding other currencies, thus boosting demand.
Further, US Fed minutes showed that officials in July were split over the need to raise interest rates again, in the near-term as they agreed to wait for some more data before deciding on such a move, bolstering the lure for the bullion as a store of value.
At the MCX, silver futures for September 2016 contract is trading at Rs 46,103 per kg, up by 0.47 per cent, after opening at Rs 46,275, against a previous close of Rs 45,886. It touched the intra-day high of Rs 46,344. (At 14:30 PM).
18/08/2016 14:36
Weaker greenback makes silver cheaper for those holding other currencies, thus boosting demand.
Further, US Fed minutes showed that officials in July were split over the need to raise interest rates again, in the near-term as they agreed to wait for some more data before deciding on such a move, bolstering the lure for the bullion as a store of value.
At the MCX, silver futures for September 2016 contract is trading at Rs 46,103 per kg, up by 0.47 per cent, after opening at Rs 46,275, against a previous close of Rs 45,886. It touched the intra-day high of Rs 46,344. (At 14:30 PM).
