Published on 20/03/2017 4:15:52 PM | Source: Dion Global Solutions Ltd.

White metal shines on dollar weakness

Posted in Commodities| #US dollar #MCX #Commodity #Silver

Silver futures were up during evening trade in the domestic market on Friday as investors and speculators extended their positions in the precious metal on rising safe-haven demand due to weakness in the US dollar on Fed's conservative guidance on the path of rate hikes this year.

Also, traders waited for a packed week of Fed messaging with many different policy makers set to speak, including Fed Chair Janet Yellen on Thursday, too influenced sentiment. At the MCX, silver futures for May 2017 contract is trading at Rs 40944 per kg, up by 0.09 per cent, after opening at Rs 41051, against a previous close of Rs 40909. It touched the intra-day high of Rs 41062 (at 16:02 hours).