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%, 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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