Silver lower on Fed caution
24/08/2016 13:07
Silver futures fell during noon trade in the domestic market on Wednesday as investors and speculators erred on the side of caution ahead of Fed Chair Janet Yellen’s speech on Friday which may offer more clues over when the Fed plans to raise interest rates next.
Better-than-expected US housing data raised bets of a US interest rate hike this year, dampening the bullion’s appeal as a store of value. US new home sales rose 12.4 per cent to a 654,000 annualized pace in July, the highest level in nearly nine years.
At the MCX, Silver futures for September 2016 is trading at Rs 44,421, per 1 kg, down by 0.17 per cent after opening at Rs 44,433, against the previous closing price of Rs 44,496. It touched the intra-day low of Rs 44,320. (At 13:02 PM).
24/08/2016 13:07
Better-than-expected US housing data raised bets of a US interest rate hike this year, dampening the bullion’s appeal as a store of value. US new home sales rose 12.4 per cent to a 654,000 annualized pace in July, the highest level in nearly nine years.
At the MCX, Silver futures for September 2016 is trading at Rs 44,421, per 1 kg, down by 0.17 per cent after opening at Rs 44,433, against the previous closing price of Rs 44,496. It touched the intra-day low of Rs 44,320. (At 13:02 PM).
