Silver futures jump on Fed verdict
20/06/2014 09:05
Silver futures surged in the domestic market on Thursday as investors and speculators booked fresh positions in the precious metal tracking a surge in the bullion in the overseas market after the US Federal Reserve said that it may keep interest rates near rock bottom level for a lengthy period, bolstering the appeal of the bullion as a store of value. A weaker dollar boosted the appeal of silver as an alternative asset. Weaker greenback makes silver cheaper for those holding other currencies, thus bolstering demand. At the MCX, Silver futures, for the July 2014 contract, closed at Rs. 44,311 per kg, up by 4.51 per cent, after opening at Rs. 42,350, against the previous closing price of Rs 42,398. It touched an intra-day high of Rs 44,539.
20/06/2014 09:05
Silver futures surged in the domestic market on Thursday as investors and speculators booked fresh positions in the precious metal tracking a surge in the bullion in the overseas market after the US Federal Reserve said that it may keep interest rates near rock bottom level for a lengthy period, bolstering the appeal of the bullion as a store of value. A weaker dollar boosted the appeal of silver as an alternative asset. Weaker greenback makes silver cheaper for those holding other currencies, thus bolstering demand. At the MCX, Silver futures, for the July 2014 contract, closed at Rs. 44,311 per kg, up by 4.51 per cent, after opening at Rs. 42,350, against the previous closing price of Rs 42,398. It touched an intra-day high of Rs 44,539.
