White metal loses shine on global cues

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Silver futures were trading lower during evening trade in the domestic market on Wednesday as investors and speculators exited their positions in the precious metal on subdued safe-haven demand on hopes of a US Fed interest rate hike in March and ahead of the key economic data due later in the week.

 

The US monthly jobs report due to be released on Friday. Investors are expecting that the US Federal Reserve will raise interest rates at its upcoming policy meeting on March 14-15. 

 

At the MCX, silver futures for May 2017 contract is trading at Rs 41775 per kg, down by 0.40 %, after opening at Rs 41927, against a previous close of Rs 41943. It touched the intra-day low of Rs 41655.