Silver Prices Plummet Below Rs 2.28 Lakh Amid Global Sell-Off

Silver prices plummeted on the Multi Commodity Exchange (MCX) on Monday, falling below Rs 2.28 lakh per kg due to a broad-based sell-off in precious metals.

The decline comes as rising crude oil prices have heightened inflation concerns globally, leading market expectations that the US Federal Reserve may keep interest rates higher for longer or consider further policy tightening.

This typically reduces the appeal of precious metals, which do not offer interest income, while a stronger dollar makes commodities priced in the US currency more expensive for overseas buyers.

The December silver futures contract on MCX was trading at Rs 2,27,494 per kg during noon trade, down Rs 7,202 or 3.07 percent from its previous close of Rs 2,34,696 per kg.