Silver Price Today: The rate of white metal fell today, June 10 as tensions between US and Iran escalated again after Tehran attacked Apache helicopter near the Strait of Hormuz.
MCX Silver July Futures dropped 1.2% or Rs 2,871 to Rs 2,35,657 per kg at 11:24 am on Wednesday.
In the global markets, Spot silver slipped 1.1% trading at $64.52 per ounce, according to NYMEX data. Comex gold also recovered, trading at $4,224.7 an ounce.
ALSO READ: Gold May See More Correction As Citi Cuts September Price Forecast To $4,000
The latest dip in the precious metal comes amid tensions in the Middle East, jeopardising efforts to end the war that’s rattled global markets and heightened inflation risks.
Entering its fourth month, the conflict has continued to affect global energy markets, disrupting shipments through the Strait of Hormuz and contributing to higher oil prices. Rising energy costs have fueled concerns about inflation worldwide, increasing the likelihood that central banks will maintain elevated interest rates or tighten policy further. Such conditions tend to reduce the appeal of non-yielding assets like gold, and silver.
ALSO READ: Gold Price May Slip To Rs 1.5 Lakh On Hawkish Fed Bets; Silver Support Weakens To $64