White metal up on overseas cues

21/12/2016 16:02

Silver futures rose during afternoon trade in the domestic market on Wednesday as investors and speculators extended their positions in the precious metal as the greenback edged slightly lower from its 14-year highs, which it touched recently.

Besides, US Fed Chair Janet Yellen’s optimistic remarks on the US labour market, strengthened the possibility of further rate hikes next year, restricted gains at silver futures.

Precious metal is highly sensitive to rising rates, which lift the opportunity cost of holding non-yielding assets, while boosting the dollar, in which it is priced.

At the MCX, silver futures for March 2017 contract is trading at Rs 39,487 per kg, up by 0.15 per cent, after opening at Rs 39,605, against a previous close of Rs 39,426. It touched the intra-day high of Rs 39,763 (at 16:02 hours).


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