Silver Price Today, 11 June: Silver along with other metals saw heavy selling on Thursday. On the Multi Commodity Exchange, silver futures prices slipped for the fifth straight day and it’s being linked to a rush toward the US dollar.
Investors appear to be buying the dollar in a hurry. They are uneasy about escalating military skirmishes in the Middle East and the fact that worldwide prices keep climbing. So financial markets are shifting rapidly while people try to safeguard their money in this season of worry.
Silver Price Today, 11 June
The Indian market saw a lot of selling during the afternoon session. On the Multi Commodity Exchange, silver for July delivery dropped by Rs 1,705, or 0.72 percent. This brought the price down to Rs 2,33,800 per kilogram. Many traders sold their silver quickly to hold cash instead.
Front-month gold futures have breached a 200-day moving average, says Suki Cooper of Standard Chartered Bank in a note. “We expect price action to become more vulnerable in the near term, driven by macro headwinds,” says Cooper. Gold finishes down 1.8% to $4,260/oz, while silver falls 4.9% to $65.094/oz.
Market experts said the main reason for the drop is the strong US dollar. A strong dollar and high bond returns make precious metals less attractive. Because global metals are priced in US dollars, a stronger dollar makes silver more expensive for buyers using other currencies. This lowers the global demand for the metal.
Global Prices Follow the Same Trend
Other precious metals felt the same pressure. Gold prices also dropped by nearly 1 percent at the same time. Analysts noted that when the US dollar goes up, precious metals usually go down.
Prices dropped on international markets too. On the New York Comex exchange, silver for July delivery fell 1.48 percent to USD 63.78 per ounce. This global drop shows that big investors everywhere prefer holding safe cash rather than buying metals right now.
What Happens Next?
Investors are now waiting for new economic reports to see where prices will go next. They are watching for the upcoming US inflation reports and speeches from US central bank leaders. These updates will give clues about future interest rates and metal prices.
In the short term, if there is any more fighting in the Middle East it will likely keep oil prices somewhat unstable. That usually keeps the US dollar looking strong. Meanwhile if global inflation stays high, central banks may remain with interest rates high for longer than many expect. In that kind of situation, silver futures prices will probably keep getting pressure and not in a gentle way.
