On the Multi Commodity Exchange (MCX), the white metal for July delivery was Rs. 3,917 or 1.56 percent down to Rs. 2,47,020 per kg in business turnover of 7,234 lots.
Silver on MCX last week was Rs. 879 increased to Rs. 2.50 lakh per kg was fixed. In the overseas market, Comex silver futures for the July contract fell USD 1.57, or 2.06 percent, to USD 74.85 an ounce in New York.
Silver endured a week defined by a hawkish Fed-oil-inflation feedback loop that dampened rate-cut expectations, said Renisha Chainani, head of research at Ogmont.
Physical demand and central bank purchases remain structurally supportive, but near-term direction will depend on developments around the Strait of Hormuz, US payrolls data due on May 8 and the path of Treasury bond yields under incoming Federal Reserve Chair Kevin Warsh, she added.
Chainani noted that jewelery demand hit a record low in the first quarter due to affordability pressures, while bar and coin investment provided partial support with resilient retail interest.
On the industrial front, strong earnings from global technology companies such as Meta, Alphabet, Microsoft and Amazon highlighted strong investments in artificial intelligence, supporting long-term demand for silver in electronics and data infrastructure.
According to Chainani, silver is expected to trade in the range of $71-80 per ounce in the international trade, compared to Rs. 2.35-2.55 lakhs per kg is equivalent.
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