Silver futures were trading in the red during noon trade in the domestic market on Wednesday as investors and speculators exited positions in the precious metal tracking weakness overseas as a slightly stronger dollar curbed the appeal of the bullion as an alternative asset. Stronger greenback makes the shiny metal more expensive for those holding other currencies, thus dimming demand for silver.

Silver’s safe haven appeal failed to get a boost from reduced global growth forecasts by the IMF which predicted that the world economy may grow by 3.1 per cent this year, against a prior estimate of 3.2 %.

At the MCX, Silver futures for September 2016 contract is trading at Rs 46,680 per 10 grams, down by 0.73 per cent, after opening at Rs 46,947, against a previous close of Rs 47,024. It touched the intra-day low of Rs 46,554 

                        Trading Ideas   

1. Silver trading range for the day is 46548-47368.

2. Silver dropped as investors assessed the possibility of more monetary easing by global central banks.                

3. US home builders accelerated their activity in the sixth month of the year, the official reading from the Department of Commerce revealed.     

    

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