12 Sep 2013

MCX Silver futures fell on Weak global cues

Silver futures fell in the domestic market on Today as investors and speculators exited positions in the precious metal tracking a weak trend in the overseas market. Investors are jittery ahead of the two-day policy meet of the US Federal Reserve with speculation rising that the Fed may taper QE as the world’s biggest economy gains momentum. A scale back in stimulus may be negative for silver, given that the precious metal is a hedge against the inflationary risk of monetary stimulus. 
Easing concerns over Syria amid diminishing prospects of a US led military strike against the country dimmed the safe haven appeal of the white metal. At the MCX, Silver futures, for December 2013 contract were trading at Rs. 52,199 per 1 kg, down by 0.46 per cent, after opening at Rs. 52,140, against the previous closing price of Rs. 52,439.

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