Silver futures were trading Higher during Noon Trade

Silver updates - Silver futures were trading higher during noon trade in the domestic market on Friday as investors and speculators booked fresh positons in the precious metal as a cut in deposit rates by the European Central Bank (ECB) bolstered the appeal of the bullion as a store of value.`
 

The ECB said that it will extend its bond buying program by six months until at least March 2017 at the current pace of 60 billion euros a month and will broaden its asset purchases by including local and regional debt. The deposit rate was cut by 10 basis points to -0.3 per cent.
 

However, speculation of a Fed interest rate hike in December trimmed gains in Silver as Fed Chair Janet Yellen signaled that conditions for raising borrowing costs in the world’s biggest economy had been met.
 

At the MCX, Silver for December 2015 contract closed at Rs 33,600 per kg, up by 0.37 per cent, after opening at Rs 33,600, against the previous closing price of Rs 33,477. It touched an intraday high of Rs 33,600.