Mumbai, September 28, 2026 (Yes Punjab News)
Silver prices plunged more than Rs 7,000 on the Multi Commodity Exchange (MCX) on Monday, slipping below the Rs 2.28 lakh-per-kg mark amid a broad-based sell-off in precious metals.
During noon trade, the December silver futures contract on MCX was trading at Rs 2,27,494 per kg, down Rs 7,202, or 3.07 per cent, from its previous close of Rs 2,34,696 per kg.
The decline came as rising crude oil prices fuelled global inflation concerns, strengthening expectations that the US Federal Reserve could keep interest rates higher for longer or consider further monetary tightening.
Higher interest rates and elevated US Treasury yields tend to reduce the appeal of precious metals, which do not offer interest income. A stronger US dollar can also make dollar-priced commodities more expensive for overseas buyers.
Market analysts placed immediate support for MCX silver at Rs 2,27,000–Rs 2,28,000 per kg, followed by Rs 2,23,000–Rs 2,24,000. Resistance was seen at Rs 2,32,000–Rs 2,33,000, with the next level at Rs 2,36,000–Rs 2,37,000.
The Relative Strength Index (RSI) stood at 41.12, below its signal line, indicating weakening momentum, according to analysts.
On the international market, COMEX silver opened at $64.66 an ounce and was trading near $62.40, down 3.72 per cent. The metal slipped below the $63.50–$64.00 range, which had previously acted as support and could now serve as resistance. It was testing the $61.50–$62.00 support zone.
Market watchers identified further support for COMEX silver at $59.50–$60.00, while resistance levels were placed at $65.50–$66.00 beyond the immediate range. The metal was trading below its 20-, 50-, 100- and 200-day exponential moving averages (EMAs), while its RSI continued to decline.
Meanwhile, the USD/INR pair opened at 95.80, up 0.13 per cent, and traded just below the 96 mark. Resistance was placed at 96.00–96.10, followed by 96.40–96.50, while support was seen at 95.70–95.80 and 95.40–95.50. The RSI at 59.51 indicated a mild bullish, or rupee-weakening, bias.
FOLLOW NOW
