Silver futures were trading lower during the
afternoon trade in the domestic market on Friday as investors and
speculators cut short their bets 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
46,44.
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