White metal up on strong global cues

Silver futures closed high in the domestic market on Wednesday as participants widened their positions, tracking a firm trend in global market.

Analysts attributed the hike in silver prices at the futures trade to expanding of positions by speculators, tracking a strong trend in precious metals overseas.

At the MCX, silver futures for December 2016 contract closed at Rs 42,100 per kg, upward by 0.24 per cent, after opening at Rs 41,867, against a previous close of Rs 41,998. It touched the intra-day higher of Rs 42,150.

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Commodity Watch: Silver shines on global cues

In the domestic market Silver futures closed high on Friday as investors & speculators widened their positions in the precious metals amid firm trend in global markets. 

Further, participants build up of positions by tracking a little better trend in global markets for precious metals after the September US non-farm payrolls came in at up 156,000, which was a slight miss to the downside from market expectancy of a rise of 170,000, supported prices for silver at futures trade.

At the MCX, silver futures for Dec 2016 contract ended at Rs 41846 per kg, upward by 0.78 %, after opening at Rs 41625, against a last close of Rs 41521. It touched the intra-day high of Rs 42300.

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Yellow Metal down on strong US dollar in market

In the domestic market Gold futures closed low on Thursday among a rallying U.S. dollar index & upbeat U.S. economic data which continued to produce selling in the precious metals markets.

The weekly U.S. jobless claims report Thursday showed a sharp fall in claims in the latest week and added to a batch of generally better U.S. data released this week and helped to push gold prices to new low.

 At the MCX, gold futures for October 2016 contract ended at Rs 29564 per 10 grams, downward by 1.18 %, after opening at Rs 29,835, against a previous close of Rs 29,916. It touched the intra-day low of Rs 29,550.

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