White metal zooms 1.09% on overseas cues

White metal zooms 1.09% on overseas cues

28/11/2016 15:38

Silver futures rose over 1 per cent during afternoon trade in the domestic market on Monday as investors and speculators extended their positions in the precious metal after weakness in the dollar as US Treasury yields eased from recent peaks.

The strength in US dollar and surge in bond yields was led by bets that US President-elect Donald Trump’s policies would spur growth and inflation, and as speculation of a December US Fed interest rate hike continued to rise.

Further, investors indulged in some technical-based buying in precious metals after heavy selling over the past couple of weeks and a weaker greenback makes dollar-denominated asset cheaper for holders of other currencies, thus supported rise in prices of silver.

At the MCX, silver futures for December 2016 contract is trading at Rs 40,939 per kg, up by 1.09 per cent, after opening at Rs 41,050, against a previous close of Rs 40,498. It touched the intra-day high of Rs 41300 (at 15:36 hours).

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