Silver futures were trading lower during the afternoon trade in the domestic market on Monday as investors ans speculators trimmed their bets on increased bets of US interest rate hike in near-term.

 

 Further, the fall in prices for silver was in-line with a weak trend overseas as the dollar rebounded amid ongoing worries over a near-term US rate hike as Federal Reserve Bank of San Francisco President John Williams stressed that the world’s biggest economy is strong enough to warrant a rise in interest rates soon, warning against waiting too long which could spur high inflation or asset bubbles that may curb growth.

 

At the MCX, silver futures for September 2016 contract is trading at Rs 44,561 per kg, down by 1.94 per cent, after opening at Rs 45,258, against a previous close of Rs 45,444. It touched the intra-day low of Rs 44,417.

 

                                     Trading Ideas 

1. Silver trading range for the day is 44628-46488.

2. Silver prices slipped lower as the minutes of the Federal Reserve’s latest policy meeting continued to weigh on the greenback.        

3. Data showed that initial jobless claims decreased by 4,000 to 262,000 last week, compared to expectations for a 1,000 decline to 265,000.         

4. New York Fed President William Dudley reinforced his confidence in a possible rate hike for a second time in the week.               

Overseas cues drag white metal down by 1.94%