White metal loses shine on weak overseas cues

White metal loses shine on weak overseas cues

29/03/2017 15:48

Silver futures were trading lower during evening trade in the domestic market on Wednesday as investors and speculators exited their positions in the precious metal on account of diminishing safe-haven demand on surge in equities and the US dollar.

The greenback strengthens on strong US economic data that boosted expectations for further interest rate hikes by the US Federal Reserve this year, affected the movement of silver.

At the MCX, silver futures for May 2017 contract is trading at Rs 42159 per kg, down by 0.54 per cent, after opening at Rs 42190, against a previous close of Rs 42388. It touched the intra-day low of Rs 42005 (at 15:49 hours).

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