Hot Commodities: Silver plunges by nearly 3% as rally loses steam

Silver prices dropped below $75 per ounce, falling by nearly 3% on Thursday, extending losses from the previous session. The retreat in silver comes as the dollar index held near 98.5, marking a third straight session of gains amid mixed US economic data and keeping pressure on dollar-denominated assets. In domestic markets, MCX March silver futures plunged more than 3% to ₹242247 per kilogram, reflecting heightened volatility and profit-taking after recent highs. Investors are now looking ahead to Friday?s nonfarm payrolls report for guidance on the central bank?s policy direction, with markets pricing in two rate cuts for the year. Geopolitical developments continued to influence sentiment, with markets assessing US intervention in Venezuela and rising tensions between China and Japan, factors likely to sustain underlying interest in safe-haven metals.

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