Silver down on strong dollar
23/08/2016 08:44
Silver futures closed lower in the domestic market on Monday as participants engaged in trimming their positions taking weak cues from global market. Marketmen attributed the fall in silver prices at the futures trade to a weak trend in the precious metals overseas as the dollar rebounded after a Federal Reserve policy maker said the US economy is strong enough to warrant an increase in interest rates soon. At the MCX, Silver futures for September 2016 contract closed at Rs 44,494, per 1 kg, down by 2.09 per cent after opening at Rs 45,258, against the previous closing price of Rs 45,444. It touched the intra-day low of Rs 44,417.
