Silver futures rally after Fed vows to keep interest rates low
19/06/2014 09:21
Silver futures closed higher in the domestic market on Wednesday as investors and speculators booked fresh positions in the precious metal after the US Federal Reserve maintained its key benchmark interest rate unchanged near zero, boosting the demand for the precious metal as an alternative asset. The central bank vowed that it may keep its target interest rate at very low levels long after QE ends, bolstering the appeal of the bullion as a store of value. The Fed pared QE for a fifth straight meeting, trimming its monthly bond buying program by USD 10 billion. At the MCX, Silver futures, for the July 2014 contract, closed at Rs. 42,685 per kg, up by 0.14 per cent, after opening at Rs. 42,461, against the previous closing price of Rs 42,627. It touched an intra-day high of Rs 42,850.
19/06/2014 09:21
Silver futures closed higher in the domestic market on Wednesday as investors and speculators booked fresh positions in the precious metal after the US Federal Reserve maintained its key benchmark interest rate unchanged near zero, boosting the demand for the precious metal as an alternative asset. The central bank vowed that it may keep its target interest rate at very low levels long after QE ends, bolstering the appeal of the bullion as a store of value. The Fed pared QE for a fifth straight meeting, trimming its monthly bond buying program by USD 10 billion. At the MCX, Silver futures, for the July 2014 contract, closed at Rs. 42,685 per kg, up by 0.14 per cent, after opening at Rs. 42,461, against the previous closing price of Rs 42,627. It touched an intra-day high of Rs 42,850.
