Silver rate todayAI Quick ReadSilver price in India slipped on Friday, April 24, tracking weakness across precious metals as a sharp surge in crude oil prices, rising bond yields and a stronger U.S. dollar weighed on sentiment.
MCX Silver rate fell 1% or over ₹2,300 to ₹2,39,200 per kg, whereas, MCX Gold price lost 0.4% or over ₹600 to ₹2,41,513 per 10 grams.
In global markets, Spot silver fell 0.3% to $75.22 per ounce. Meanwhile, Spot gold edged down 0.1% to $4,686.29 per ounce as of 0230 GMT and is down 3% so far this week, snapping a four-week winning streak. U.S. gold futures for June delivery fell 0.5% to $4,702. Among other metals, platinum declined 0.6% to $1,993.63, and palladium dropped 0.3% to $1,464.12.
The pressure comes as Brent crude prices have jumped over 17% this week to above $105 per barrel, with the key Strait of Hormuz still largely closed despite an extension of the Iran ceasefire. Higher oil prices increase transportation and production costs, fuelling inflation and reinforcing expectations that interest rates may remain higher for longer—typically negative for non-yielding assets like gold and silver.
Geopolitical tensions escalated after Iran showcased tighter control over the strait, releasing visuals of commandos boarding a cargo ship following the collapse of U.S.-Iran peace talks. Donald Trump said Tehran may want a deal but added the U.S. is in no hurry and could act militarily if needed.
Adding to the pressure, the U.S. dollar is up 0.7% this week, making bullion more expensive for other currency holders, while benchmark 10-year U.S. Treasury yields have risen over 2%, increasing the opportunity cost of holding non-yielding metals.
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