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White metal loses shine as dollar revives

Silver futures fell during evening trade in the domestic market on Tuesday as investors and speculators exited their positions in the precious metal on recovery in the US dollar after a Fed official offered support for a March rate rise.

Philadelphia Federal Reserve Bank President Patrick Harker on Monday said that he would be open to raising interest rates again at the US central bank’s meeting in March if growth in jobs and wages continues.

Meanwhile, the US Fed kept the interest rates unchanged in its first meeting after President Trump took office. However, it suggested that it was on track to tighten monetary policy this year.

Fed raised interest rates in December, at that time it signaled as many as 3 rises in 2017 as the Trump administration takes over with promises to boost growth via tax cuts, spending and deregulation.

At the MCX, silver futures for March 2017 contract is trading at Rs 42,227 per kg, down by 0.14 per cent, after opening at Rs 42330, against a previous close of Rs 42286. It touched the intra-day low of Rs 42170