Silver Price Today: The white metal dropped on Multi Commodity Exchange of India (MCX) today, June 19 amid easing geopolitical tensions, hawkish US Federal Reserve stance and strong dollar.
MCX silver July futures contract dipped 3.09% or Rs 7,338 to Rs 2,30,234 per 10 grams, while the MCX gold July futures dropped 1.94% to Rs 1,44,567 per kg.
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The latest drop in precious metals come over expectations of higher US interest rates even as tensions in the Middle East eased and lower oil prices reduced inflation concerns.
Why is silver price falling?
Some of the key factors driving the slump in silver prices are hawkish stance by the US Fed, strong dolllar amid easing tensions in the Middle East.
According to Harshal Dasani, Business Head, INVAsset PMS, "Silver's weakness today is best explained through the macro overlay, with the Dollar Index strength being the dominant pressure point. The index has firmed back above key resistance levels on the back of the recent geopolitical de-escalation, a less dovish Federal Reserve tone, and the broader unwind of safe-haven positioning that had built up during the Iran-related escalation. The parallel rise in US real yields adds to the pressure, with the opportunity cost of holding non-yielding silver becoming less attractive at the margin."
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