White metal shines on dollar weakness
23/08/2016 16:55
Silver futures were trading higher during the evening trade in the domestic market on Tuesday as investors and speculators widened their positions in the precious metal tracking a rally overseas as a weaker dollar bolstered the lure for silver as an alternative asset.
Weaker greenback makes silver cheaper for those holding other currencies, thus boosting demand. The dollar weakened against a basket of key currencies as lack of clarity remained over the outlook for further US interest rate hikes.
At the MCX, silver futures for September 2016 contract is trading at Rs 44,739 per kg, up by 0.50 per cent, after opening at Rs 44,747, against a previous close of Rs 44,516. It touched the intra-day high of Rs 44,880 (at 16:50 hours).
23/08/2016 16:55
Weaker greenback makes silver cheaper for those holding other currencies, thus boosting demand. The dollar weakened against a basket of key currencies as lack of clarity remained over the outlook for further US interest rate hikes.
At the MCX, silver futures for September 2016 contract is trading at Rs 44,739 per kg, up by 0.50 per cent, after opening at Rs 44,747, against a previous close of Rs 44,516. It touched the intra-day high of Rs 44,880 (at 16:50 hours).
