White metal loses sheen ahead of US jobs data
04/08/2016 14:27
Silver futures were trading lower during the afternoon trade in the domestic market on Thursday as participants exited positions in the precious metal amid caution ahead of the Friday’s US jobs data which may offer some cues over the timing of the next US Fed interest rate hike.
Analysts are expecting a 180K addition to US non-farm payrolls in July after a 287,000 increase in June. Solid jobs numbers may bolster the case for a rate hike in 2016, dimming the lure for the bullion as a store of value.
Chicago Federal Reserve Bank President Charles Evans on Wednesday has said that he favours an interest rate hike this year.
At the MCX, silver futures for September 2016 contract is trading at Rs 47,285 per kg, down by 0.81 per cent, after opening at Rs 47,633, against a previous close of Rs 47,671. It touched the intra-day low of Rs 46,956 (at 14:24 hours).
04/08/2016 14:27
Analysts are expecting a 180K addition to US non-farm payrolls in July after a 287,000 increase in June. Solid jobs numbers may bolster the case for a rate hike in 2016, dimming the lure for the bullion as a store of value.
Chicago Federal Reserve Bank President Charles Evans on Wednesday has said that he favours an interest rate hike this year.
At the MCX, silver futures for September 2016 contract is trading at Rs 47,285 per kg, down by 0.81 per cent, after opening at Rs 47,633, against a previous close of Rs 47,671. It touched the intra-day low of Rs 46,956 (at 14:24 hours).
