White metal loses shine on improved risk appetite

Silver futures were trading lower during afternoon trade in the domestic market on Wednesday as investors and speculators exited their positions in the precious metal as safe-haven demand dried up on emergence of risk appetite among investors and boosting equities, amid optimism on possibility of US corporate tax rate cut to 15 % from 35 % that will boost company earnings. 

 

Besides, an improving outlook for the US economy also bolstering the demand prospects for industrial metals used in iPhones, refrigerators and electrical wiring. At the MCX, silver futures for May 2017 contract is trading at Rs 40283 per kg, down by 0.33 %, after opening at Rs 40317, against a previous close of Rs 40416. It touched the intra-day low of Rs 40150.

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