US Fed meeting outcome awaited; Gold Silver futures drop
DSIJ Intelligence / 15 Mar 2017
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Awaiting the US Fed Reserve meeting outcome, the futures market weakened for Gold and Silver futures on the Multi Commodity Exchange (MCX) in early trade on March 15, 2017.
Awaiting the US Fed Reserve meeting outcome, the futures market weakened for Gold and Silver futures on the Multi Commodity Exchange (MCX) in early trade on March 15, 2017.
The speculations of a hike in the interest rates by the US Central Bank brought down the worth of Gold on the futures market by 0.45 per cent or Rs 125 to Rs 27,951 per 10 gram. while the futures value of silver dropped down by 0.36 per cent or Rs 143 at Rs 39,940 per kg.
Aggregating to Rs 695 crore in FY17 till February, the Gold exchange-traded funds (ETFs) experienced a net outflow of Rs 46 crore in the previous month.
While, the world's largest gold-backed trading fund, SPDR Gold Trust GLD valued at 832.03 tonnes , increased by 6.81 tonnes.
However, the New York's iShares silver trust SLV, the largest silver-backed exchange traded fund stood at 10,268.39 remain unchanged from the value on the previous day.
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