Silver futures were trading on a flat note during morning trade in the domestic market on Friday as traders weigh the prospects of further monetary easing in Japan and Europe and the likelihood of a US Federal Reserve interest rate hike this year.
The ECB downplayed the prospect of a boost in asset purchases even in the wake of heightened uncertainty surrounding the Euro area economy which could be severely hit by Britain’s exit from the EU. The Frankfurt-based central bank on Thursday refrained from expanding its QE program while leaving key interest rates unchanged.
Investors are now weighing whether the Bank of Japan will announce fresh easing measures when it meets this month.
At the MCX, silver futures for December 2016 contract is trading at Rs 46,689 per kg, down by 0.05 per cent, after opening at Rs 46,719, against a previous close of Rs 46,714. It touched the intra-day low of Rs 46,676.