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Silver rises on soft US dollar

Silver rises on soft US dollar

Silver futures closed higher in the local market on Friday as the U.S. dollar softened and investors continued to search for safety.

Spacial metals have benefited from worries sparked by the U.K.’s decision to exit the European Union, dubbed Brexit.

Analysts said widening of bets by participants after silver rallied to near a two-year high as investors speculated central banks will have to continue supporting the worth in the wake of Britain’s vote to leave the European Union, influenced white metal Cost at futures trade.

At the MCX, Silver futures for July 2016 contract closed at Rs 45,646/10 gram, up by 5.01% after opening at Rs 45,145, against the previous closing price of Rupees 43,467. It touched the intra-day high of Rs 45,646.

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