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Updated - June 03, 2026 at 06:05 PM.
| New Delhi, June 3
Analysts said silver came under pressure as lingering uncertainty surrounding US-Iran peace talks pushed crude oil prices higher.
Silver prices declined by ₹2,757 to ₹2.63 lakh per kilogram in futures trade on Wednesday, tracking losses in the overseas markets amid uncertainty over US-Iran negotiations and concerns over the Fed's interest rate outlook.
On the Multi Commodity Exchange, the white metal for July delivery plunged by ₹2,757, or 1.03 per cent, to ₹2,63,950 per kg in a business turnover of 10,599 lots.
Analysts said silver came under pressure as lingering uncertainty surrounding US-Iran peace talks pushed crude oil prices higher, raising inflation concerns and bolstering expectations of a tighter monetary policy stance by the Federal Reserve.
"Silver is trading weak amid continued uncertainty over US-Iran peace talks that has pushed oil prices higher, raising inflation worries and supporting the case for a tighter Fed stance," Renisha Chainani, Head of Research at Augmont, said.
She also noted that the Indian government has tightened silver import norms by bringing grain and powder forms under the restricted category, requiring prior import authorisation.
As the world's largest consumer of the metal, India is trying to curb inflows and reduce pressure on the rupee, Chainani stated.
Spot prices in Delhi dropped ₹1,500 to ₹2,69,500 per kilogram, according to the All India Sarafa Association.
Kaveri More, Commodity Analyst (Technical Research) at Choice Broking, said, MCX silver continued to trade in a broad range of ₹2.61-2.77 lakh per kg, with the metal showing relative resilience compared with gold despite the recent correction.
In the international markets, Comex silver futures for July delivery declined 1.36 per cent to $74.52 per ounce in New York.
Market sentiment was further weighed by renewed tensions in West Asia after the US military said Iranian missile attacks targeting Bahrain, Kuwait and other regional locations were either intercepted or failed.
Investors are now awaiting US non-farm payroll data and the employment report due later this week for clues on the Fed's monetary policy path, analysts said.
Published on June 3, 2026
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