Silver in reverse gear in noon trade
26/09/2016 15:29
Silver futures plunged during noon trade in the domestic market on Monday as investors and speculators exit positions in the precious metal tracking a bearish trend overseas as caution prevailed ahead of key events this week including the first US Presidential debate between the two leading candidates i.e. Hillary Clinton and Donald trump later today, and speeches of key central bank officials, spurring safe haven demand for the bullion. Fed Chair Janet Yellen will speak this week even as uncertainty continues to surround the timing of the next US interest rate hike while European Central Bank president Mario Draghi may offer fresh hints over whether the Frankfurt-based central bank is likely to prop up stimulus. At the MCX, silver futures for December 2016 contract is trading at Rs 46,390 per kg, down by 0.91 per cent, after opening at Rs 46,800, against a previous close of Rs 46,817. It touched the intra-day low of Rs 46,340 (at 15:27 PM).
26/09/2016 15:29
