MCX silver futures declined 2.79% to Rs 2,33,201 per kg on Monday, Feb 17 (as of 11:33 AM IST), tracking weakness in global precious metals and continued volatility in international markets.
The decline comes amid sustained pressure in global silver prices, which have extended their recent losing streak following a sharp correction from record highs. After witnessing a speculative surge earlier this year, silver has seen aggressive unwinding of leveraged positions, leading to heightened volatility.
The broader weakness in precious metals has also weighed on sentiment in domestic markets. Thin liquidity in parts of Asia due to market holidays has amplified price swings, contributing to sharper moves in MCX contracts.
Investor focus now remains on upcoming US Federal Reserve minutes and key inflation data, including the core PCE price index. Any indication of delayed rate cuts could strengthen the US dollar, adding pressure on precious metals.
Until clearer cues emerge from global macroeconomic data, MCX silver is likely to remain sensitive to international price movements and currency fluctuations.