Commodity
Silver futures were trading in the negative
terrain in the domestic market on Tuesday as a stronger dollar and an
impressive rebound of global stocks from Monday’s steep sell-off dimmed
the lure for the precious metal as an alternative asset.
Stronger greenback makes silver more expensive for those holding other currencies, thus dimming demand for the precious metal.
However, uncertainty over Greece’s fate in the euro amid a likely
default on its debt due to the IMF on Tuesday boosted the safe haven
demand for the Bullion, trimming losses in silver futures.
The Greek
government is defiant on holding a referendum on the country’s bailout
on Sunday, rejecting EU offers for a last-minute deal before the expiry
of its bailout today.
At the MCX, Silver futures for July 2015 contract is trading at Rs
35,702 per 1 kg, down by 0.42 per cent after opening at Rs 35,778,
against the previous closing price of Rs 35,854.
It touched the
intra-day low of Rs 35,613. (At 13:02 PM).
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