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White metal falls ahead of FOMC meeting

Silver futures fell during afternoon trade in the domestic market on Tuesday as investors and speculators exited their positions in the precious metal on looming worries over an imminent interest rate hike by the US Federal Reserve in a key meeting that begins later in the day.The US Fed is widely expected to raise interest rates in a two-day meeting on December 13-14, which could boost the US dollar. Precious metal is highly sensitive to rising interest rates, which lift the opportunity cost of holding non-yielding assets.

At the MCX, silver futures for March 2017 contract is trading at Rs 41,538 per kg, down by 0.45 per cent, after opening at Rs 41620, against a previous close of Rs 41724. It touched the intra-day low of Rs 41411.

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