Silver Price Today: The white metal rate dropped on MCX today, June 18 after US and Iran signed peace deal and Federal Reserve's kept interest rate unchanged.
At 9:43 am on Thursday, MCX Silver July Futures fell 2.11% or Rs 5,307 to Rs 2,46,500 per kg. MCX Gold July Futures slipped 1.06% or Rs 1,608 to Rs 1,50,139 per 10 grams.
The latest dip in silver prices come after a peace agreement was signed between the US and Iran, expected to bring an end to the four month long conflict that rattled global markets. US President Donald Trump signed the deal while dining with French President Emmanuel Macron at the Palace of Versailles, on the sidelines of the G7 summit in France. Iranian President Masoud Pezeshkian signed for Iran's side.
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The agreement is expected to ease a global energy shock that has raised inflation concerns and rate hike bets. Uncertainty still looms over how quickly fuel prices can come down and when transits through the Strait of Hormuz can be back to pre-war levels.
The Federal Reserve on Wednesday, June 17 held its benchmark interest rate steady at 3.5%-3.75% for the fourth consecutive meeting in a unanimous decision. The central bank also hinted at tightening of monetary policy by October. Higher interest rates are a headwind for precious metals, which don't pay interest.
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