Silver futures were trading lower during noon trade in the domestic market on Tuesday as investors and speculators stuck to a cautious approach after Fed Chair Janet Yellen stuck to her view over a gradual hike in US interest rates despite signs last week that the US job market was losing momentum.
Yellen assured that the US economy is still making enough progress to withstand gradual rate hikes despite recent data showing a sharp slowdown in job growth.
Silver, a non-interest bearing asset tends to lose sheen in a rising interest rate scenario.
At the MCX, Silver futures for July 2016 contract is trading at Rs. 39,052 per kg, down by 0.23 per cent, after opening at Rs 39,151, against a previous close of Rs 39,142.
It touched the intra-day low of Rs. 38,975.00. (At 12:23 PM).
0 comments:
Post a Comment