Today Market Silver Edges Higher With US jobs Data in Focus.
Silver futures advanced during evening trade in the domestic market on Friday as investors and speculators eyed the key US May jobs data which may dictate whether the US Fed raises interest rates as early as this month.
The world’s biggest economy is tipped to have added a robust 160K jobs in May with the unemployment rate slipping to 4.9 per cent, analysts’ estimates showed. A bullish jobs report may bolster the case for the Fed to raise borrowing costs as early as June, a move which may hurt the precious metal’s appeal as a store of value.
At the MCX, Silver futures for July 2016 contract is trading at Rs. 38,674 per kg, up by 0.38 per cent, after opening at Rs. 38,568, against a previous close of Rs 38,528. It touched the intra-day high of Rs. 38,725.
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