Silver Futures Slide: Rs 2.15 Lakh/Kg Amid Volatility

New Delhi, Mar 24 (PTI) Silver prices remained under heavy selling pressure for the 10th straight session declining by Rs 9,467 to Rs 2.15 lakh per kilogram in futures trade on Tuesday amid heightened volatility and weak global cues.

On the Multi Commodity Exchange (MCX), the white metal for May delivery slumped by Rs 9,467, or 4.2 per cent, to Rs 2,15,700 per kilogram.

In the previous session, silver had nosedived Rs 27,129, or 12 per cent, to hit an intraday low of Rs 1,99,643 per kg before trimming losses to settle at Rs 2,25,167 per kg, down Rs 1,605, or 0.71 per cent.

The precious metal has dropped Rs 62,150, or 22.36 per cent, in the past 10 sessions from Rs 2,77,850 per kg recorded on March 10, 2026.

Analysts said the sharp decline reflects sustained liquidation in precious metals, although intermittent short-covering has offered some support at lower levels.

"Silver has rebounded from key psychological supports near Rs 2 lakh per kg supported by oversold conditions and short-covering," Renisha Chainani, Head of Research at Augmont, said.

She added that persistent tensions in West Asia and uncertainty over potential potential negotiations, along with concerns around the reopening of the Strait of Hormuz, continue to keep inflation risks elevated and weighed on the investor's sentiment.


Meanwhile, silver futures on the Comex also tumbled for the 10th straight session in the global markets. The white metal for the May contract fell USD 1.71, or 2.47 per cent, to USD 67.64 per ounce from the previous close of USD 69.35 per ounce.

The metal has lost nearly USD 22, or 24.50 per cent, from USD 89.59 per ounce recorded on March 10, 2026.

On Monday, US President Donald Trump indicated a delay in potential military strikes on Iran's power plants and energy infrastructure and mentioned "productive discussions".

This has eased immediate safe-haven demand for dollar. Additionally, declining global bond yields lent support to bullion.

However, Tehran has denied any ongoing talks with the US, while Israel continued its military actions in Iran.

Analysts noted that conflicting statements from the US and Iran have sustained geopolitical uncertainty, keeping market volatility elevated.

Chainani said the recent selloff reflects a classic liquidity-driven phase, where investors liquidate profitable assets like gold and silver to meet margin calls in other asset classes.

This indicates positioning-driven moves rather than a change in long-term fundamentals, she added.