Silver Futures in India Drop Below 200,000 Rupees per Kilogram

Silver futures in India fell below 200,000 rupees per kilogram for the first time in a year, trading at 196,031 rupees. The decline follows a sharp drop in the previous session, with prices continuing weak at market open. The fall is driven by rising crude oil prices, which have increased inflation concerns and expectations that interest rates will stay higher for longer. Gold futures also traded lower at 142,300 rupees per 10 grams, while on COMEX, gold traded near 4,032 dollars and silver near 54 dollars per ounce. Silver prices have dropped significantly from their yearly high of 420,048 rupees per kilogram. Analyst Ajay Kedia noted long unwinding in silver, with support levels at 196,940 and 194,290 rupees, while gold showed fresh selling pressure.