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Precious Metal Updates for 25 Oct 2016

Precious Metal Updates for 25 Oct 2016

Silver futures ended higher in the domestic market on Monday after 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 December 2016 contract ended at Rs 42,039/ kg, upward by 0.19 %, after opening at Rs 41,997, against a last close of Rs 41,958. It touched the intra-day max of Rs 42,570.

Gold futures ended lower in the domestic market on Monday as the U.S. dollar touched another eight-month high in the wake of data showing that the pace of growth among American manufacturers was better than expected in October. The dollar & gold often move inversely because a firmer buck leaves dollar-priced commodities less desirable to purchasers using another currency. At the MCX, gold futures for December 2016 contract ended at Rs 29743/10 grams, downward by 0.68 %, after opening at Rs 29,905, against a last close of Rs 29,946. It touched the intra-day low of Rs 29,730.

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