Silver Falls Below ₹2.28 Lakh Amid Global Sell-Off

Silver prices plummeted on Monday as a global sell-off in precious metals pushed the December futures contract below ₹2.28 lakh per kg on the Multi Commodity Exchange (MCX).

The decline brought prices close to a support zone watched by commodity traders, with immediate support at ₹2,27,000, ₹2,28,000 and then ₹2,23,000, ₹2,24,000.

Rising crude oil prices have renewed concerns about global inflation, strengthening expectations that the US Federal Reserve could keep interest rates elevated for longer or tighten policy further.

This has made silver less attractive due to its lack of interest payments and a stronger US dollar can also weigh on demand from buyers using other currencies.