Silver tanked very sharply, following steep losses in Copper futures and general unease in markets following President Donald Trump's across the board tariffs. Silver's crash seems to be more closely linked to a complete meltdown in Copper. COMEX Silver tanked around 15% in two sessions following the tariffs announcement and closed at $29.53 per ounce. The counter has slumped to a three month low after this meltdown. The break under $30 per ounce is likely to turn very critical for Silver from hereon as bulk of the gains seen in first quarter of the year 2025 have been wiped out now. On the MCX, the benchmark Silver futures lost in line with their global counterparts as highs around Rs 102000 per kg mark deterred upside movement. The counter ended around Rs 87200 per kg mark. With this slide, the spot prices in local markets are near their three month low.

Powered by Commodity Insights