Published on 29/06/2017 6:00:26 PM | Source: Dion Global Solutions Ltd.

White metal shines on safe-haven demand

Posted in Commodity Top News | #MCX #Commodity #Silver

Silver futures were trading marginally higher during evening trade in the domestic market on Thursday as investors and speculators extended their positions in the precious metal on safe-haven demand as the US dollar weakened against other currencies on bets that central banks in Europe were preparing to scale back monetary stimulus.

Further, comments from ECB chief were seen as opening the door to monetary policy tweaks, while Bank of England (BoE) Governor has also raised the prospect of a UK rate hike in the coming months this week.

At the MCX, silver futures for July 2017 contract is trading at Rs 38754 per kg, up by 0.13 per cent, after opening at Rs 38878, against a previous close of Rs 38704. It touched the intra-day high of Rs 38920 (at 16:02 hours).