- Silver price on MCX dropped 2.21% to Rs 2,43,100 per kg on June 8 morning
- Gold August futures fell 1.12% to Rs 1,53,822 per 10 grams on MCX the same day
- Geopolitical tensions in the Middle East escalated despite US calls for de-escalation
Silver Price Today: The white metal rate dropped on MCX today, June 8 amid geopolitical uncertainties in the Middle East.
At 10:05 am on Monday, the MCX silver July futures dropped 2.21% to Rs 2,43,100 per kg. MCX gold August futures contract fell 1.12% to Rs 1,53,822 per 10 grams.
The renewed military action occurred despite appeals from U.S. President Donald Trump for Israel to avoid further escalation while his administration continued efforts to achieve a diplomatic resolution to the conflict. An adviser to Iran's supreme leader described Tehran's missile launch toward Israel on Sunday as a “warning,” urging an end to Israeli operations in Lebanon. The situation in Lebanon has remained a major obstacle in broader negotiations between Washington and Tehran.
Entering its fourth month, the conflict has continued to affect global energy markets, disrupting shipments through the Strait of Hormuz and contributing to higher oil prices. Rising energy costs have fueled concerns about inflation worldwide, increasing the likelihood that central banks will maintain elevated interest rates or tighten policy further. Such conditions tend to reduce the appeal of non-yielding assets like gold, and silver.
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