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Silver flat amid Fed policy outlook uncertainty

By Religare
|

Silver futures were trading little changed during noon trade in the domestic market on Monday as mixed jobs data from the US offered little clarity over the timing of a maiden US interest rate hike since 2006, keeping traders on the sidelines.

Non-farm payrolls in the US, climbed by 173,000 in August, compared to an upwardly revised 245,000 gain in July, and below expectations of a 217,000 rise. However, the unemployment rate fell to 5.1 per cent in August 2015 from 5.3 per cent in July 2015.

 

Silver, a non-interest bearing asset becomes less attractive in a rising interest rate scenario.

At the MCX, Silver futures for December 2015 contract is trading at Rs 34,408 per 1 kg, up by 0.06 per cent after opening at Rs 35,470, against the previous closing price of Rs 35,388. It touched the intra-day high of Rs 35,538. (At 12:55 PM).

Story first published: Monday, September 7, 2015, 23:00 [IST]
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