Silver Prices Tumble Rs 5,000/kg Amid Fears of Iran War and US Rate Hike Uncertainty
Gold and silver prices fell on MCX despite mild US inflation data. The drop came as investors booked profits after a sharp surge in prices over the last couple of sessions.
The MCX silver futures for September 2026 delivery declined by Rs 2,537 to Rs 2,32,910 per kg, while gold futures for October 2026 delivery fell by Rs 1,162 to Rs 1,52,304 per 10 grams. Silver has dropped Rs 5,000 over two days, and the yellow metal has decreased by Rs 2,600/gram.
The US producer prices remained unchanged in July as goods prices declined, while services costs rose marginally. This data strengthened expectations that the Federal Reserve could keep interest rates steady next month.
Washington's threat to maintain a naval blockade of Iran indefinitely has increased economic pressure on Tehran and supported demand for gold among investors globally, particularly central banks.