Silver futures were trading lower during the afternoon trade in
the Mcx market on Friday as Investors and speculators have cut or short their
positions in the precious metal on prospects of further monetary easing in
Japan and Europe and the likelihood of a US Fed interest rate hike this year.
The
ECB downplayed the prospect of a boost in asset purchases even in the wake of
heightened uncertainty surrounding the Euro area economy which could be
severely hit by Britain’s exit from the EU. The Frankfurt-based central bank on
Thursday refrained from expanding its QE program while leaving key interest
rates unchanged.
Investors
are now weighing whether the Bank of Japan will announce fresh easing measures
when it meets this month.
At
the MCX, silver futures for December 2016 contract is trading at Rs 46570 per
kg, down by 0.31 per cent, after opening at Rs 46,719, against a previous close
of Rs 46,714. It touched the intra-day low of Rs 46,440 (at 15:15 hours)
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