Mumbai, 22 April (CommoditiesControl): Silver prices dipped on Monday, with spot silver falling 3.31% to $27.72 per ounce, as tensions in the Middle East appeared to ease, prompting investors to shift focus to upcoming U.S. inflation figures for market direction.
The decline in silver followed a recent surge, with prices touching $28.93 in the previous session, nearing the record high of $29.79 reached on April 12.
Tehran's dismissal of Israel's retaliatory drone strike against Iran helped alleviate concerns about a broader conflict, dampening silver's safe-haven appeal. This shift in sentiment prompted investors to reevaluate their positions in precious metals.
While Asian stocks rebounded and bond yields rose as geopolitical risks subsided, the outlook remains uncertain, with ongoing conflicts such as that between Israel and Hamas keeping the geopolitical risk premium alive.
Amidst these developments, U.S. gold is down by 1.46% to $2357.37, platinum down by 1% to $924.43, while palladium fell 2.13% to $1,099.64, indicating varied movements across the precious metals spectrum.
In India, MCX Silver Faces Selling Pressure and is currently trading at 81682, down by 2.15% after reaching a recent high of 86000 on April 12. If the negative trend continues, the next target for MCX silver is 80500. On the upside, the resistance is placed at 83150-84000.
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