Hot Commodities: Silver drops 1% snapping recent rally

Silver prices dropped 1% to around $36.50 per ounce in early Asia trades Monday, ending their weekly rally as safe-haven demand faded. President Trump?s decision to extend the tariff deadline eased trade tensions, while his warning of a 10% levy on BRICS-aligned nations stirred uncertainty. A stronger-than-expected US jobs report further weighed on silver, reducing hopes of near-term Fed rate cuts. Still, silver posted a stellar June. Comex silver jumped nearly 10% to settle at $36.17, outperforming gold, while MCX silver surged 8.2% to Rs 1,06,292 per kg. The rally was driven by strong industrial demand, geopolitical jitters, and a weaker dollar for much of the month, keeping bullish momentum intact.

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