Silver futures closed lower in the domestic market on Wednesday as participants engaged in trimming their positions taking weak cues from global market. Marketmen attributed the fall in silver prices at futures trade to a weak trend in the precious metals overseas and profit-booking by participants at existing levels.
At the MCX, silver futures for March 2017 contract closed at Rs 40,991 per kg, down by 0.26 per cent, after opening at Rs 41,037, against a previous close of Rs 41,096. It touched the intra-day low of Rs 40,570.
Gold futures closed higher in the domestic market on Wednesday with the U.S. dollar taking a turn lower as comments from President-elect Donald Trump fueled uncertainty in financial markets.
Gold is inversely influenced by moves in the dollar, as strength in the greenback makes assets priced in the currency, including most gold on the global markets, more expensive to buyers using other monetary units.
At the MCX, gold futures for February 2017 contract ended at Rs 28291 per 10 grams, up by 0.52 per cent, after opening at Rs 28,158 against a previous close of Rs 28,144. It touched the intra-day high of Rs 28,385.
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