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Friday, 20 June 2014

Silver prices recovered at 5-week high as the dollar falls on Fed outlook

Prices of silver recovered to a five-week high on Thursday, while the U.S. dollar fell after the Fed stated that interest rates will stay low for a considerable period after the end of the program to buy bank bonds .

Silver prices on MCX advanced on Friday.  In early morning trade, MCX Silver July futures contract was trading at Rs 44460 up Rs 149, or 0.34 percent. Silver price hit an intraday high of Rs 44691 and an intraday low of Rs 44353.

While, at U.S. Comex Silver for July delivery rose 0.83% at $20.820 a troy ounce.

Following its two-day meeting Wednesday, the Fed cut its bond purchases by another $ 10 billion a month, to $ 35 million, saying that there was "sufficient underlying strength" of the U.S. economy. UU. continuing to decline.

The Fed said he hopes the rate, now near zero federal funds, to reach 1.2% by the end of next year and 2.5% in late 2016, a slightly faster rate previously clamping expected.

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