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Gold & Silver Updates for 12 Dec 2016

Gold & Silver Updates for 12 Dec 2016

Silver futures ended lower in the domestic market on Friday as participants engaged in cutting their positions taking weak cues from global market. Market men attributed the fall in silver prices at futures trade to a weak trend in the precious metals overseas & profit-booking by participants at existing levels.

At the MCX, silver futures for March 2017 contract ended at Rs 41,250/kg, downward by 0.66 %, after opening at Rs 41,417, against a last close of Rs 41,525. It touched the intra-day low of Rs 41,126.

Gold futures ended lower in the domestic market on Friday as the dollar firmed in expectation of an interest rate hike at next week’s Federal Reserve meeting. Market-based indicators put the odds of a Fed rate hike next week at nearly 100 percent. The move would be central bank’s second post crisis rate hike. The first occurred nearly a year ago at the Fed’s December 2015 policy meeting.

At the MCX, gold futures for February 2017 contract ended at Rs 27583/10 grams, downward by 0.70 %, after opening at Rs 27,750 against a last close of Rs 27,777. It touched the intra-day low of Rs 27,531.

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