Global cues hit white metal

Global cues hit white metal

01/12/2016 16:22

Silver futures fell during evening trade in the domestic market on Thursday as investors and speculators exited their positions in the precious metal on US dollar strengthening and signs that the US Fed likely to raise interest rates in December.

The strong US economic data helped buoyed dollar and further cemented the case for hiking interest rates in December.

Dallas Fed Bank President Robert Kaplan suggested on Wednesday that it was time for an interest-rate raise as the US economy was making good progress toward full employment with inflation heading toward the Fed’s 2 per cent goal.

At the MCX, silver futures for December 2016 contract is trading at Rs 39,850 per kg, down by 0.60 per cent, after opening at Rs 39,855, against a previous close of Rs 40,089. It touched the intra-day low of Rs 39,763 (at 16:16 hours).

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