Silver Rises As Fed Outcome Eyed

Silver futures closed higher in the domestic market on Monday as the market awaited key central bank meetings later this week. The US Federal Open Market Committee (FOMC) will meet on Wednesday, and though recent positive US data has lifted expectations of a US rate hike in September, majority still do not see the FOMC lifting rates within this year.

Nonetheless, investors will still focus on the language of the FOMC statement to detect any possible changes to US monetary policy.

At the MCX, Silver futures for September 2016 contract closed at Rs 46,470, per 1 kg, up by 0.32 per cent after opening at Rs 46,150, against the previous closing price of Rs 46,321. It touched the intra-day high of Rs 46,599.

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Suhani Verma

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