Silver pulls back, MCX futures drop around 1%

COMEX Silver futures slipped today, witnessing a choppy movement after testing two-week low under $74 per ounce in last session. The white metal pulled back yesterday as most Federal Reserve officials at their latest meeting thought that further interest rate hikes may be required if the ongoing Iran war keeps pushing inflation higher. Meanwhile, in a critical update for Silver, the latest data from Shanghai Futures Exchange (SHFE) showed that total inventories on warrant in the exchange stood at 898147 kg as on 15 May 2026, soaring by 85734 kg compared to previous week. This sharp spike has ensured that the recent uptick from lowest in a decade stays in place as Inventories hit around six-month high. Inventories have zoomed around 165% over last six-weeks. The commodity currently trades at $75.58 per ounce, down 0.80% on the day after failing to hold above $77 per ounce in Asia. MCX Silver futures are down 1% at Rs 271323 per kg with highs around Rs 273000 per kg capping upside consistently.

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