Silver futures closed higher in the domestic market on Thursday as investors and speculators extended their positions in the precious metal amid speculation about the pace and timing of future US interest rate hike.
The US economic data showed that the retail sales fell more than expected last month, while the number of Americans filing for unemployment benefits rose less than expected last week. This made investors less confident that Fed policy makers will raise interest rates when they meet next week, but many say a rate hike in December is possible. At the MCX, silver futures for December 2016 contract closed at Rs 45,686 per kg, up by 0.18 per cent, after opening at Rs 45,569, against a previous close of Rs 45,605. It touched the intra-day high of Rs 46,071.