Hot Commodities: Silver slips near $56; MCX futures sink below ₹2.04 lakh

Silver prices tumbled nearly 3% toward $56 per ounce on Thursday, surrendering recent gains as renewed Middle East tensions pushed oil prices higher and reignited inflation concerns. Persistent energy-price pressures, reinforced by a larger-than-expected draw in US crude and gasoline inventories, added to concerns that central banks may keep monetary policy tighter for longer. Although the Federal Reserve, European Central Bank and Bank of Japan are widely expected to leave rates unchanged next week, markets continue to price in the possibility of a December Fed rate hike. On the domestic front, MCX December silver futures also dropped nearly 3%, touching the low of ₹203,303 per kg.

Powered by Commodity Insights