White metal in reverse gear on global cues
29/08/2016 13:54
Silver futures were trading lower during the afternoon trade in the domestic market on Monday as investors and speculators trimmed their bets in the precious metal tracking a weak trend overseas after hawkish comments from US Fed Chair Janet Yellen who left the door open for an interest rate hike this year in the world’s biggest economy. US Federal Reserve Chair Janet Yellen said on Friday that the case for raising US interest rates has strengthened in recent months due to improvements in the labour market and expectations for moderate economic growth. Stronger greenback makes silver costlier for those holding other currencies, thus dimnishing demand. At the MCX, silver futures for September 2016 contract is trading at Rs 43,780 per kg, down by 0.45 per cent, after opening at Rs 43,866, against a previous close of Rs 43,977. It touched the intra-day low of Rs 43,559 (at 13:48 hours).
