Silver prices experienced a dip following U.S. airstrikes in the Strait of Hormuz, with spot silver falling to roughly ($76.73) per ounce. The unexpected escalation with Iran and a stronger U.S. dollar weighed on precious metals, causing profit-taking despite ongoing geopolitical and inflation concerns.
International Markets.
Spot Silver: ($76.66 – $76.73) per troy ounce (down 1.8% to 2.5%).
July Futures (SI=F): Opened at ($77.49) per ounce and slid to around ($76.73) per ounce in early trading.
Indian Markets (MCX & Retail)
MCX Silver Rate: Dropped roughly 1.3% to ($2,72,985) per kilogram.
Spot/Retail Bullion: Hovering near a base price of ₹2,72,470 per kilogram, with retail jeweler prices (inclusive of GST and dealer margins) pushing closer to ₹2,85,000 per kg.
Market DriversGeopolitical Tensions: Fresh U.S. military strikes on Iranian missile sites and boats have disrupted peace deal hopes, initially creating a volatile environment where traders sought profit.U.S.
Dollar Strength: The U.S. dollar strengthened against major currencies, making dollar-denominated silver more expensive for overseas buyers and limiting demand.
Crude Oil: Concerns over inflation and renewed disruptions to global crude flows have kept energy markets elevated.
