Silver futures declined sharply by Rs 9,031 to Rs 2.39 lakh per kilogram on Thursday, extending losses for the seventh consecutive session, as rising crude oil prices and a hawkish stance from the US Federal Reserve weighed on investor sentiment.
On the Multi Commodity Exchange (MCX), silver contracts for May delivery fell 3.64% to Rs 2,39,163 per kilogram, with a trading volume of 6,372 lots.
Analysts noted that persistent inflation concerns, fueled by elevated crude oil prices, have dampened the appeal of precious metals by reducing expectations of near-term interest rate cuts by the US Federal Reserve.