Silver futures slide INR 9,467 to INR 2.15 lakh/kg; extends 10-day rout amid volatility

Silver prices remained under heavy selling pressure for the 10th straight session declining by INR 9,467 to INR 2.15 lakh per kilogramme 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 INR 9,467, or 4.2 per cent, to INR 2,15,700 per kilogram.In the previous session, silver had nosedived INR 27,129, or 12 per cent, to hit an intraday low of INR 1,99,643 per kg before trimming losses to settle at INR 2,25,167 per kg, down INR 1,605, or 0.71 per cent. The precious metal has dropped INR 62,150, or 22.36 per cent, in the past 10 sessions from INR 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 INR 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 $1.71, or 2.47 per cent, to $67.64 per ounce from the previous close of $69.35 per ounce.The metal has lost nearly $22, or 24.50 per cent, from $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.