Silver on MCX settled up 0.85% at 47568 maintained its strong rising trend and reclaimed the key Rs 47,500 mark on as the U.S. Federal Reserve signalled an interest rate increase by the end of the year after policy was kept unchanged in September, as expected. 

Bullion gained late on Wednesday as the Fed stayed pat on interest rates in the world's biggest economy. But it also indicated it could still tighten monetary policy by the end of the year as the labour market improved further. Support also seen prior to the FOMC yesterday we were already seeing good buying pressure in silver; the expected hold and hawkish tone of the Fed ignited volatility in the minutes to follow, but ended up seeing the metal higher on the session when all said and done.

At the MCX, silver futures for December 2016 contract is trading at Rs 47,150 per kg, down by 0.88 per cent, after opening at Rs 47,289, against a previous close of Rs 47,568. It touched the intra-day low of Rs 47,060. 

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