Silver futures advanced during late morning trade in the domestic market on Tuesday as investors continued to assess the prospects of a US interest rate hike this summer.

 Top Fed officials have indicated the increased likelihood of a rate hike in the coming months. Data due this week on US consumer spending, incomes and jobs may decide whether the hike in borrowing costs happens as early as June. Being a non-interest bearing asset like gold, silver too, tends to lose sheen during a rising interest rate scenario.

 At the MCX, Silver futures for July 2016 contract is trading at Rs. 38,720 per kg, up by 0.37 %, after opening at Rs. 38,690, against a previous close of Rs 38,577. It touched the intra-day high of Rs. 38,771. (At 11:52 AM)

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Silver trading range for the day is 38212-38866.

Silver dropped the dollar strengthened after Federal Reserve Chair Janet Yellen said an interest-rate hike is likely in coming months.