White metal loses shine on profit-booking

White metal loses shine on profit-booking

08/02/2017 16:05

Silver futures fell during evening trade in the domestic market on Wednesday as investors and speculators indulged in profit booking in the precious metal as safe-haven demand faded, tracking a weak trend overseas.

Meanwhile, fading expectations of further Fed interest rate-hike in the near-term, leading to lower US Treasury bond yields, is also underpinning demand for safe-haven.

However, immediate focus would remain on the awaited decision in the federal court over Trump’s executive order on immigration, which is likely to have a big impact on the precious metal and the US dollar.

At the MCX, silver futures for March 2017 contract is trading at Rs 42408 per kg, down by 0.22 per cent, after opening at Rs 42393, against a previous close of Rs 42502. It touched the intra-day low of Rs 42270 (at 16:05 hours).

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