Silver futures closed higher in the domestic market on Friday as participants raised their bets amid firming global trends. Analysts attributed the rise in silver prices at futures trade to a firming trend in the precious metals overseas.
At the MCX, silver futures for May 2017 contract closed at Rs 42,353 per kg, up by 0.49 per cent, after opening at Rs 42,040, against a previous close of Rs 42,147. It touched the intra-day high of Rs 42,360.
Gold futures closed lower in the domestic market on Friday as the U.S. dollar regained its footing above a key technical level and equities traded mostly higher, drawing some investor attention away from the precious metal.
A stronger dollar can weigh on commodities priced in the currency, making them less attractive to purchasers using other monetary units. Metals extended losses after a pair of economic reports: jobless claims and a revised reading of gross domestic product.
At the MCX, gold futures for April 2017 contract ended at Rs 28450 per 10 grams, down by 0.32 per cent, after opening at Rs 28,460 against a previous close of Rs 28,542. It touched the intra-day low of Rs 28,420.