Silver Flat As Yellen Speech In Focus

Silver futures were trading flat, with a positive bias during morning trade in the domestic market on Thursday as investors and speculators stuck to a cautious stance ahead of Janet Yellen’s speech tomorrow to see whether the Fed Chair will back recent comments from FOMC officials who signaled that a rate hike could come as soon as September.

Bets of the Fed raising interest rates before the end of the year have risen over the past month, dimming the appeal of silver as a store of value. At the MCX, Silver futures for September 2016 contract is trading at Rs 43,800, per 1 kg, up by 0.08 per cent after opening at Rs 43,850, against the previous closing price of Rs 43,766. It touched the intra-day high of Rs 43,919.

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Suhani Verma

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