Silver buoyed by reduced Fed tightening bets
16/08/2016 13:07
Silver futures advanced during noon trade in the domestic market on Tuesday as investors and speculators booked fresh positions in the precious metal as listless US retail sales data pared back expectations of a US Fed interest rate hike this year, bolstering the appeal of silver as a store of value.
US retail sales stalled in July while New York manufacturing contracted this month.
Further, a weaker dollar bolstered the appeal of silver as an alternative asset. Weaker greenback makes the precious metal cheaper for those holding other currencies, thus bolstering demand.
At the MCX, silver futures for September 2016 contract is trading at Rs 46,515 per kg, up by 0.85 per cent, after opening at Rs 46,523, against a previous close of Rs 46,125. It touched the intra-day high of Rs 46,785. (At 13:02 PM).
16/08/2016 13:07
US retail sales stalled in July while New York manufacturing contracted this month.
Further, a weaker dollar bolstered the appeal of silver as an alternative asset. Weaker greenback makes the precious metal cheaper for those holding other currencies, thus bolstering demand.
At the MCX, silver futures for September 2016 contract is trading at Rs 46,515 per kg, up by 0.85 per cent, after opening at Rs 46,523, against a previous close of Rs 46,125. It touched the intra-day high of Rs 46,785. (At 13:02 PM).
