Silver prices witnessed a sharp sell-off on Thursday, plunging nearly 8% to slip below the crucial $70 per ounce mark in Asian electronic trades. The decline came in the wake of a strengthening US dollar, which gained traction after fresh geopolitical uncertainty surrounding the Middle East conflict. Market sentiment turned cautious after recent remarks indicated no definitive timeline for de-escalation, with the possibility of further military intensification in the coming weeks. This uncertainty boosted the dollar’s safe-haven appeal, consequently exerting heavy pressure on dollar-denominated commodities like silver. Adding to the downside, copper prices retreated nearly 2% to around $5.53 per pound, reflecting growing concerns over global economic momentum. Meanwhile, a notable build-up in Shanghai silver inventories—recovering from decade lows—further dampened bullish sentiment. On the domestic front, MCX silver futures mirrored the global weakness, opening sharply lower and currently trading at ₹2,26,957 per kg, down approximately 7% on the day.
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