| 23 Mar 2026 14:29 | | Silver tumbles 12% to $61; gold drops 7% to test $4300 | | | Silver futures plunged more than 12% toward $61 per ounce on Monday, following carnage in the stock markets as the Middle East war enters fourth week of conflict. MCX May silver futures plunged to the lows of Rs 209816 per kg, its lowest level in last 3 months, whereas its sister metal, gold also tripped by 7% at Rs 134369 per 10 grams. President Donald Trump issued a 48-hour ultimatum demanding Iran reopen the key waterway, while Tehran threatened to shut it entirely and target regional energy assets in retaliation, raising fears over disruptions in a route that carries nearly one-fifth of global oil and LNG flows. Last week, silver declined over 15% as surging oil prices fueled inflation concerns, prompting markets to price in a prolonged pause or potential rate hikes from major central banks. A firm U.S. dollar, supported by steady rates and strong inflation data, further weighed on silver and gold by raising its opportunity cost. With traders now pricing in a potential rate hike and geopolitical risks intensifying, gold remains under sustained pressure despite its safe-haven status.
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