Silver prices snapped a three-day winning streak and plunged ₹1,854 to ₹2.39 lakh per kilogram in futures trade on Wednesday tracking weak global trends amid geopolitical tensions in ongoing West Asia conflict.
On the Multi Commodity Exchange, the white metal for the May delivery declined ₹1,854, or 0.77%, to ₹2,39,038 per kilogram.
In the international market, silver futures for the May contract slipped nearly 1% at $74.25 per ounce.
1 April 2026
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"Silver slipped to around $74 per ounce on the first trading day of April, extending its sharp monthly sell-off of more than 20% in March. This marked the steepest decline since September 2011, and silver now trades nearly 40% below January's record highs," Jigar Trivedi, Senior Research Analyst at IndusInd Securities, said.
He added that inflation concerns amid disrupted energy markets and prompted a hawkish shift by investors and central banks, with traders also have abandoning expectations of interest rate cuts by the US Federal Reserve in 2026.
Markets initially steadied on hopes of tensions in West Asia conflict after US President Donald Trump indicated that the Washington had largely achieved its military objectives and would leave other nations to manage issues in the Strait of Hormuz.
Iranian President Masoud Pezeshkian also signalled readiness to end the war if their conditions are met.
However, tensions escalated after QatarEnergy, the world's largest producer of liquefied natural gas (LNG), confirmed that one of its tankers was hit in a missile strike, while the British military's United Kingdom Maritime Trade Operations said a projectile struck the vessel.
Analysts said persistent geopolitical uncertainty and volatile global markets are likely to keep silver prices under pressure in the near term.
