White metal loses sheen on global cues

White metal loses sheen on global cues

23/12/2016 16:03

Silver futures fell during evening trade in the domestic market on Friday as investors and speculators exited their positions in the precious metal on stronger greenback and expectations for more US rate hikes next year.

Further, the greenback was boosted after US Commerce Department on Thursday reported that gross domestic product (GDP) grew at an annual rate of 3.5 per cent in Q3, up from previous estimate of 3.2 per cent and above expectations for a reading of 3.3 per cent.

At the MCX, silver futures for March 2017 contract is trading at Rs 38,869 per kg, down by 0.26 per cent, after opening at Rs 39,017, against a previous close of Rs 38,970. It touched the intra-day low of Rs 38,821 (at 16:03 hours).

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