Silver tips - Silver futures were trading with smart gains during noon trade in the domestic market on Tuesday as investors and speculators booked fresh positions in the precious metal as weaker than expected US housing and manufacturing data fueled speculation that the Fed which is set to raise borrowing costs for the first time in almost a decade, in mid- December, may go easy on subsequent rate hikes, with the pace of tightening likely to be gradual, bolstering Silver’s appeal as a store of value.
Data on Monday showed that contracts to purchase previously owned homes in the US barely increased in October while a gauge of US business activity fell into contraction in November, signaling a cooling recovery in the world’s biggest economy.
At the MCX, Silver for December 2015 contract closed at Rs 33,650 per kg, up by 0.51 per cent, after opening at Rs 33,597, against the previous closing price of Rs 33,480. It touched an intraday high of Rs 33,679.
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