Overseas cues drag white metal down by 1.94%
22/08/2016 13:03
Silver futures were trading lower during the afternoon trade in the domestic market on Monday as investors ans speculators trimmed their bets on increased bets of US interest rate hike in near-term. Further, the fall in prices for silver was in-line with a weak trend overseas as the dollar rebounded amid ongoing worries over a near-term US rate hike as Federal Reserve Bank of San Francisco President John Williams stressed that the world’s biggest economy is strong enough to warrant a rise in interest rates soon, warning against waiting too long which could spur high inflation or asset bubbles that may curb growth. At the MCX, silver futures for September 2016 contract is trading at Rs 44,561 per kg, down by 1.94 per cent, after opening at Rs 45,258, against a previous close of Rs 45,444. It touched the intra-day low of Rs 44,417 (at 12:57 hours).
