Hot Commodities: Silver drops near $75.5 amid Middle East tensions

Silver prices declined around 3% to near $75.5, pressured by ongoing Middle East tensions and disruptions in the Strait of Hormuz that have kept oil prices elevated and inflation concerns high. The resulting strength in the dollar has reduced the appeal of non-yielding assets like silver. The metal has fallen nearly 20% since the conflict escalated, as rising energy costs and fading expectations of near-term rate cuts continue to weigh on sentiment. Domestically, MCX May silver futures are also down nearly 2%, trading around ₹2,44,220 per kg.

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