New Delhi, April 2 Silver prices plunged by Rs 14,301 to Rs 2.29 lakh per kilogram in futures trading on Thursday amid renewed escalation signals from President Donald Trump regarding the Iran conflict, boosting the US dollar and putting downward pressure on precious metals.
Ending a four-day rally, the white metal fell by Rs 14,301, or 5.87 per cent, to Rs 2,29,200 per kilogram on the Multi Commodity Exchange (MCX).
Silver prices declined by more than 3 per cent on Thursday after US President Donald Trump offered no clear end date for the conflict in West Asia and noted that Washington had nearly achieved its strategic goals in Iran. However, he cautioned that the military campaign could intensify over the next two to three weeks, said Jigar Trivedi, Senior Research Analyst at IndusInd Securities.
Meanwhile, domestic commodity markets will remain closed on Friday due to Good Friday.
Globally, silver futures for the May contract also ended a four-day rally, declining by USD 4.91, or 6.45 per cent, to USD 71.16 per ounce on the Comex.
Trump's remarks pushed the dollar higher, as it has recently emerged as a safe-haven asset, putting pressure on dollar-denominated precious metals.
According to analysts, oil prices rebounded after President Trump's speech, reinforcing concerns about inflationary pressures, which could keep interest rates elevated and limit the appeal of precious metals.
Market participants have remained highly sensitive to the shifting rhetoric surrounding the conflict, as investors reassess geopolitical risks.
Looking ahead, traders are awaiting US jobs data on Friday for cues on the Federal Reserve's policy outlook, which remains a key driver for bullion.
Investors have recently ruled out any interest rate cuts in 2026 by the US Federal Reserve, a sharp shift from pre-war projections of two reductions, Trivedi said.