Silver in reverse gear on Fed Williams’ comments 07/09/2016

Silver in reverse gear on Fed Williams’ comments
07/09/2016 14:54

Silver futures fell during noon trade in the domestic market on Wednesday as investors and speculators exit positions in the precious metal after a top US Federal Reserve official favoured a sooner rather than later interest rate hike, dimming the lure for the bullion as a store of value.
San Francisco Fed President John Williams said that the US economy was in good shape despite the recent disappointing data, keeping the door open for further policy tightening over the coming months.
At the MCX, silver futures for December 2016 contract is trading at Rs 47,391 per kg, down by 0.45 per cent, after opening at Rs 47,512, against a previous close of Rs 47,607. It touched the intra-day low of Rs 47,115 (at 14:53 PM).