Silver Prices Fall 1.8% To Rs 2.71 Lakh/Kg On MCX — Check Latest City-Wise Rates

Silver Price Today: The rate of white metal fell today, May 26 amid strong dollar and renewed US-Iran tensions.

MCX Silver July Futures dropped 1.81% or Rs 5,016 to Rs 2,71,700 per kg at 10:35 am on Tuesday. The latest dip in the precious metal comes as inflations concerns arise over fresh attacks by US on Iran that pushed crude oil prices higher. US forces targeted missile launch sites in Iran and boats trying to place mines, Bloomberg reported citing US Central Command statement.

In the global markets, Spot silver rebounded trading at $76.96 per ounce, according to NYMEX data. Comex gold also recovered, trading at $4,530 an ounce.

Dollar gained on Tuesday as the rupee fell 17 paise to 95.43 against the US currency in early trade, as month-end dollar demand and elevated crude oil prices weighed on investor sentiments. The stronger US currency is likely to limit demand for gold and silver as the dollar-denominated precious metals becomes more expensive for foreign buyers.

ALSO READ: Gold, Silver Price Today, May 26: Check Prices In Mumbai, Delhi, Chennai, Kolkata, Bangalore

The drop in MCX rates also comes after the white metal jumped nearly 2% to Rs 2.76 lakh per kg on Monday, May 25 amid optimism over a potential US-Iran peace agreement. On Monday, the white metal for July futures appreciated by Rs 4,328, or 1.59 per cent, to Rs 2,76,174 per kg.

Check out latest silver prices for major cities, including Delhi, Kolkata, Mumbai, Hyderabad, Bengaluru, and Chennai –