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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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.

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