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Silver little changed on US rate hike fears

Silver little changed on US rate hike fears

Silver futures were trading on a flat note during noon trade in the domestic market on Monday as traders stuck to a cautious approach ahead of the US jobs data later in the week which may signal further strength in the labour market of the world’s biggest economy, and bolster the case for the US Federal Reserve to tighten interest rates further in the near-term, dimming the lure for the bullion as a store of value. The US economy probably added 200,000 jobs in March while the jobless rate stayed at an eight-year low of 4.9 per cent. At the MCX, Silver futures for May 2016 contract is trading at Rs 36,684 per kg, up by 0.04 per cent, after opening at Rs 36,600, against the previous closing price of Rs 36,669. It touched an intraday low of 36,693. (At 12:48 PM).

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