Silver Prices Slide as Dollar Strengthens Amid Iran Conflict Tensions
Silver prices dropped by Rs 14,301 per kilogram in futures trade following escalations in the Iran conflict, which strengthened the US dollar. The precious metal's value decreased 5.87% on the MCX, while globally, silver futures fell 6.45% as geopolitical tensions remained high.
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- India
In a volatile week for commodities, silver prices took a significant hit, plummeting by Rs 14,301 to settle at Rs 2.29 lakh per kilogram on the Multi Commodity Exchange (MCX). This sharp decline came after heightened rhetoric from US President Donald Trump regarding the ongoing conflict with Iran.
The announcement led to a strengthened US dollar, exerting downward pressure on dollar-denominated precious metals. Notably, silver's four-day upward trend reversed, with prices falling more than 3% on Thursday in response to Trump's remarks.
Market analysts observed that global silver futures also dropped by USD 4.91 to USD 71.16 per ounce on the Comex. As the commodity market braces for continued geopolitical instability, traders anticipate key US jobs data, expected on Friday, for insights into the Federal Reserve's monetary policy decisions.
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