Base Metal Tips: Silver futures advanced during noon trade in the Asian market on Tuesday tracking a firm trend in the overseas market as slight weakness in the UDS bolstered the appeal of the precious metal as an alternative asset.
Weaker $ makes silver cheaper for those holding other currencies, thus bolstering demand. Subdued US economic data bolstered the case for the United State Fed to tighten interest rates at a slower pace, bolstering the lure for Silver as a store of value. The Fed Reserve Bank of Dallas said that its general business activity index, a key manufacturing index, fell to -20.1 in Dec from -4.9 in November, with a reading below zero signaling contraction, pointing to a factory slowdown in the world’s largest economy.
At the MCX, Silver futures for March 2015 contract is trading at Rs 33,731 per kg, up by 0.84% after opening at Rs 33,645, against the last closing price of Rs 33,451. It touched the intra-day high of Rs 33,775. (At 12:06 PM).
Weaker $ makes silver cheaper for those holding other currencies, thus bolstering demand. Subdued US economic data bolstered the case for the United State Fed to tighten interest rates at a slower pace, bolstering the lure for Silver as a store of value. The Fed Reserve Bank of Dallas said that its general business activity index, a key manufacturing index, fell to -20.1 in Dec from -4.9 in November, with a reading below zero signaling contraction, pointing to a factory slowdown in the world’s largest economy.
At the MCX, Silver futures for March 2015 contract is trading at Rs 33,731 per kg, up by 0.84% after opening at Rs 33,645, against the last closing price of Rs 33,451. It touched the intra-day high of Rs 33,775. (At 12:06 PM).
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