Silver tumbles to near ₹2 lakh per kg as crude oil surges

Precious metal prices have experienced a steep correction in recent trading, with silver approaching the ₹2 lakh per kilogram mark as global commodity markets remain volatile.

The downturn in gold and silver prices coincides with a sharp rise in crude oil valuations, which have climbed past $112 per barrel. The inverse relationship between crude oil costs and precious metals pricing has pressured bullion markets, prompting selling across both segments.

Silver has been particularly affected by the market downturn, with the metal trading at levels not seen recently. Gold prices have also experienced substantial declines during the same period, reflecting broader weakness in the precious metals complex.

The surge in crude oil prices, driven by global supply concerns and demand dynamics, has reinforced expectations of higher inflation and potentially tighter monetary conditions, factors that typically weigh on non-yielding assets like precious metals.

Market analysts are closely monitoring crude oil levels and broader commodity trends for signals about the trajectory of precious metal prices in the coming sessions.