Monday, September 12, 2016

White metal in reverse gear on global cues

Silver futures closed low in the domestic market on Friday as investors and speculators exited their positions in the precious metal tracking overseas cues.

Prices for silver futures fell as hawkish comments from US Fed officials raised bets on a rate hike as early as September, thus diminishing demand for silver. At the MCX, silver futures for December 2016 contract closed at Rs 46,240 per kg, down by 1.01 %, after opening at Rs 46,719, against a last close of Rs 46,714. It touched the intra-day low of Rs 46,125.