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Wednesday, 18 June 2014

MCX July Silver futures decline 0.48% on weak global trend

On tracking weak global trend, MCX silver futures prices today declined 0.48% to Rs 42,170 per kg as speculators cut their positions.

FMOC meeting last day gold and silver are traded extremely slow.

In morning trade, at the Multi Commodity Exchange, silver futures prices for delivery in July decline by Rs 204, or 0.48%, to Rs 42,170 per kg.

Market observers expect the Fed purchase program of monthly bonuses taper for another $ 10 billion from the current $ 45 billion, due to the economy improvement, mainly pulled down silver prices at futures trade.

The decision be followed by a news conference with President Janet Yellen, amid speculation over when a possible rise in interest rates.

Comex, silver for July delivery shed 0.06%, or 1.2 cents, to trade at $19.72 a troy ounce. There is a declining trend in gold also.

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