White metal shines on dollar weakness

by - 5:28 pm

Silver futures rose during evening trade in the domestic market on Wednesday as investors and speculators extended their positions in the precious metal on weakness in the greenback. Besides, the Monetary Policy Committee (MPC), headed by RBI governor Urjit Patel, on Wednesday unanimously decided to keep the policy rate unchanged at 6.25 per cent, considering the heightened uncertainty of volatility related to the US rate hike and the local demonetisation move by the Modi government. 

                                  The US Federal Reserve likely to hike interest rate at its next policy meeting on December 13-14 after stronger-than-expected jobs data. At the MCX, silver futures for March 2017 contract is trading at Rs 41,111 per kg, up by 0.22 per cent, after opening at Rs 40,912, against a previous close of Rs 41,022. It touched the intra-day high of Rs 41,235.

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