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Silver Low on strong United State job data

Silver futures closed lower in the local market on Friday after data showed the U.S. economy created more jobs than expected in July, raising the chances of an interest rate hike from the Federal Reserve in the coming months.

Stocks also vaulted up after the employment report was released, signaling fading demand for havens and a spike in risk appetite.

At the MCX, Silver futures for September 2016 agreement closed at Rs 46,161, per 1 kg, down by 3.18 per cent after opening at Rs 47,605, against the last closing price of Rs 47,677. It touched the intra-day low of Rs 46,154.

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