White metal loses shine ahead of US jobs data

10/03/2017 16:17

Silver futures were trading lower during evening trade in the domestic market on Friday as investors and speculators exited their positions in the precious metal on diminishing safe-haven demand due to an uptick in the US dollar ahead of the US non-farm payrolls data due later in the day.

Traders keenly eyed the February non-farm payrolls data due today as a barometer of the US economy after Fed Chair Yellen said last week that the central bank was poised to lift rates provided jobs and inflation data held up.

At the MCX, silver futures for May 2017 contract is trading at Rs 40475 per kg, down by 0.88 per cent, after opening at Rs 40750, against a previous close of Rs 40834. It touched the intra-day low of Rs 40420 (at 16:18 hours).

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