New Delhi, April 1 Silver prices ended a three-day winning streak and fell by Rs 1,854 to Rs 2.39 lakh per kilogram in futures trading on Wednesday, tracking weak global trends amid geopolitical tensions in the ongoing conflict in West Asia.
On the Multi Commodity Exchange, the white metal for the May delivery declined by Rs 1,854, or 0.77 per cent, to Rs 2,39,038 per kilogram.
In the international market, silver futures for the May contract slipped by nearly 1 per cent at USD 74.25 per ounce.
"Silver fell to around USD 74 per ounce on the first trading day of April, extending its sharp monthly sell-off of more than 20 per cent in March. This marked the steepest decline since September 2011, and silver now trades nearly 40 per cent below January's record highs," Jigar Trivedi, Senior Research Analyst at IndusInd Securities, said.
He added that concerns about inflation amid disrupted energy markets prompted a hawkish shift by investors and central banks, with traders also abandoning expectations of interest rate cuts by the US Federal Reserve in 2026.
Markets initially stabilized on hopes of easing tensions in the West Asia conflict after US President Donald Trump indicated that Washington had largely achieved its military objectives and would leave other nations to manage issues in the Strait of Hormuz.
Iranian President Masoud Pezeshkian also signaled readiness to end the war if their conditions were met.
However, tensions escalated after QatarEnergy, the world's largest producer of liquefied natural gas (LNG), confirmed that one of its tankers was hit by a missile, while the British military's United Kingdom Maritime Trade Operations said a projectile struck the vessel.
Analysts said persistent geopolitical uncertainty and volatile global markets are likely to keep silver prices under pressure in the near term.