Free MCX Tips : Silver futures plunged by more than 1% in noon trade in the domestic market on Friday as investors and speculators exited positions in the precious metal amid fears over near-term interest rate tightening by the US Federal Reserve as strong GDP numbers signaled an improving health of the world’s largest economy, curbing the lure for Silver as a store of value. The American economy expanded at an annualized pace of 2.3% in the June quarter following a revised 0.6% gain in Q1, with consumer disbursing, the main growth driver, rising at a 2.9% pace, compared to a 1.8% advance in the March quarter. The Fed on Wednesday signaled further strength in the US labor and housing markets, leaving the door open for a maiden interest rate hike since 2006, over its coming meetings. At the MCX, Silver futures for September 2015 agreement is trading at Rs 33,648 per 1 kg, down by 1.09% after starting at Rs 33,900, against the Last closing price of Rs 34,020. It taped the intra-day low of Rs 33,644.
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