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Wednesday, 20 August 2014

MCX Silver futures rises on tracking a firming global trend

Silver futures prices on MCX rises on Wednesday amid tracking a firming global trend. And as a stronger dollar cut demand.

"Undoubtedly today is an important day for gold and silver because today the U.S. Federal Reserve is to release its meeting minutes. The Minutes of the interest rates in the United States, which could have a direct bearing on the cleanup dollar and commodity markets will witness. Prices moves in gold and silver before the event, was quite shaky." Commodity Advisory KheloMCX analysts said
At the Multi Commodity Exchange, silver for delivery in September traded higher by Rs 53, or 0.12%, to Rs 42,720 per kg.  Prices touched an intraday high of Rs 42,350 and an intraday low of Rs 42,276. So far 765 contracts have been traded.

From early trade is trading in a narrow range. Comex gold tick under $ 1300. Silver remains under $ 20. Silver for December delivery rose 0.3 percent to $19.54 an ounce in New York, after reaching a two-month low of $19.425 yesterday. Holdings in silver-backed exchange-traded products rose 91.2 metric tons, the most since May, to a two-month high of 19,719.8 tons yesterday.

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