Silver futures closed higher in the domestic market on Friday as investors and speculators booked fresh positions in the precious metal amid a pickup in physical demand for silver in the domestic spot market. However, speculation that the US Federal Reserve may tighten monetary policy by raising interest rates sooner than earlier expected dimmed the precious metal’s appeal as a store of value, trimming gains in silver futures. The US economy added close to 300K jobs last month as the jobless rate declined more than expected, signaling a pickup in the country’s labour market.
At the MCX, Silver futures, for the July 2014 contract, closed at Rs. 44,412 per kg, up by 0.27 per cent, after opening at Rs. 44,490, against the previous closing price of Rs 44,291. It touched an intra-day high of Rs 44,750.
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