Silver hits $70 in volatile trades, Fed officials highlight inflationary concerns

Silver rose sharply in volatile trades yesterday as inflationary concerns supported precious metals. At the Jackson Hole economic symposium, Kansas City Fed President Jeffrey Schmid said inflation was still stubborn and sticky and that policymakers needed to find ways to bring it back to the Fed?s 2% target. Cleveland Fed President Beth Hammack also noted that she maintained that she was prepared to raise rates if necessary to contain inflation. Chicago Fed President Austan Goolsbee also highlighted inflation as a concern amid rising energy costs. This kept the US dollar around 99 mark but led to a massive spike in Silver as the metal spiked around 2% in last session. The metal had tested around one-week low earlier. It topped two-month high, briefly testing $70 per ounce before easing and currently trades at $69.73 per ounce, down 0.70% on the day. MCX Silver futures for December are quoting at Rs 244384 per kg, down marginally on the day.

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