Published on 19/05/2017 5:02:10 PM | Source: Dion Global Solutions Ltd
White metal shines on safe-haven demand
Silver futures were trading higher during evening trade in the domestic market on Friday as investors and speculators extended their positions in the precious metal on rise in safe-haven demand even as firm US dollar after strong US economic data.
However, investors remained cautious as the Goods and Services Tax Council will on Friday take up the crucial issue of taxation of precious metals such as gold, silver. The centre had proposed a rate of 4 per cent on gold but some states such as Kerala want it placed in the higher 5 per cent slab.
At the MCX, silver futures for July 2017 contract is trading at Rs 39009 per kg, up by 0.31 per cent, after opening at Rs 38820, against a previous close of Rs 38889. It touched the intra-day high of Rs 39180 (at 16:39 hours).