Wednesday, 15 March 2017

White Metal Loses Shine Ahead Of US Fed Meeting

Silver futures were little changed during evening trade in the domestic market on Tuesday 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 a two-day US Federal Reserve meeting where the central bank is widely expect to raise interest rates.

The chances of interest rate hike by the US Fed are higher when the meeting concludes on Wednesday led by signs of an uptick in inflation and continued strength in the US jobs market. At the MCX, silver futures for May 2017 contract is trading at Rs 40390 per kg, down by 0.07 per cent, after opening at Rs 40402, against a previous close of Rs 40418. It touched the intra-day low of Rs 40285.

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