Silver futures slide to Rs 2.7 lakh/kg as oil rally fuels inflation concerns

NEW DELHI: (May 18) Silver prices declined by Rs 1,832 to Rs 2.70 lakh per kilogram in futures trade on Monday as a rally in crude oil rates amplified inflation concerns and the strength of the US dollar in overseas markets weighed on investors’ sentiment.

On the Multi Commodity Exchange, the white metal for July delivery depreciated by Rs 1,832, or nearly 1 per cent, to Rs 2,70,054 per kilogram, extending losses for the third straight session.

Analysts said the surge in crude oil prices has fuelled inflation concerns globally, strengthening expectations that major global central banks may maintain a tighter monetary policy stance for longer, which in turn pressured precious metals.