Stronger dollar takes toll on Silver
08/08/2016 16:46
Silver futures fell during evening trade in the domestic market on Monday as investors and speculators exited positions in the precious metal tracking weakness overseas as a stronger dollar curbed the lure for silver as an alternative asset.
Stronger greenback makes the shiny metal more expensive for those holding other currencies, thus dimming demand.
The dollar strengthened on speculation that the US Fed may hike borrowing costs before the end of 2016 after the economy added 255,000 jobs in July, more than the expected 180,000 increase, signaling a robust economic recovery.
At the MCX, silver futures for September 2016 contract is trading at Rs 46,100 per kg, down by 0.27 per cent, after opening at Rs 46,110, against a previous close of Rs 46,225. It touched the intra-day low of Rs 45,887 (at 16:43 PM).
08/08/2016 16:46
Stronger greenback makes the shiny metal more expensive for those holding other currencies, thus dimming demand.
The dollar strengthened on speculation that the US Fed may hike borrowing costs before the end of 2016 after the economy added 255,000 jobs in July, more than the expected 180,000 increase, signaling a robust economic recovery.
At the MCX, silver futures for September 2016 contract is trading at Rs 46,100 per kg, down by 0.27 per cent, after opening at Rs 46,110, against a previous close of Rs 46,225. It touched the intra-day low of Rs 45,887 (at 16:43 PM).
