Silver Prices Slide Nearly 4% Amid Crude Oil Price Surge

The price of silver has fallen nearly 4% in the past day, tracking a sharp correction in international bullion prices. This decline was triggered by a rise in crude oil prices, which revived inflation concerns and raised expectations of tighter US monetary policy.

Silver ETFs were hit particularly hard, with the SBI Silver ETF falling 3.59% to Rs 216.23, while Nippon India Silver ETF declined 3.57% to Rs 210.99. The Tata Silver Exchange Traded Fund fell 3.51% to Rs 21.43 and ICICI Prudential Silver ETF declined 3.44% to Rs 220.49.

Gold ETFs also traded sharply lower, with ICICI Prudential Gold ETF falling 2.64% to Rs 125.63, SBI Gold ETF declining 2.55% to Rs 125.16 and Nippon India ETF Gold BeES dropping 2.45% to Rs 121.38.

The decline in precious metals came as investors reassessed the inflation and interest-rate outlook following a sharp rise in crude oil prices. Brent crude futures rose USD 3.43, or 3.29%, to USD 107.75 a barrel after US President Donald Trump rejected an Iranian proposal aimed at ending the conflict and reopening the Strait of Hormuz.