Silver Price Today Falls 2% to ₹2.44 Lakh as MCX Silver Slumps Amid US-Iran Tensions; Gold Drops Too

MCX silver is under clear pressure on June 10, 2026. MCX silver futures traded in the range of ₹2,43,900 to ₹2,45,600 per kg today, while MCX gold futures hovered between ₹1,53,400 and ₹1,54,600 per 10 grams as geopolitical tensions eased only partially. Just two sessions ago, MCX silver futures plunged nearly 4% to an intraday low of ₹2,39,064 per kg, and physical silver prices fell 5% to ₹2,41,160 per kg on the same day. The driver across both sessions is the same: US-Iran conflict, a stronger dollar, and a Federal Reserve that shows no intention of cutting rates. MCX silver’s path right now runs straight through Washington and Tehran.

What the June 8 Crash Revealed About MCX Silver

Two sessions ago set the tone for where MCX silver trades today. The numbers from June 8 tell a brutal story.

• MCX gold futures (August 5 expiry) fell nearly 2% to an intraday low of ₹1,52,712 per 10 grams.
• MCX silver futures (July 3 expiry) collapsed nearly 4% to ₹2,39,064 per kg.
• International spot gold tanked over 3%, falling below the key $4,300 per troy ounce level, completely erasing year-to-date gains after gold had rallied close to $5,600 earlier in January.
• In a separate session, MCX silver settled at ₹2,48,537 after a sharp 6.14% decline, pressured directly by a stronger US dollar.

Why US-Iran Tensions Are Hurting MCX Silver — Not Helping It

Haven? Not this time. The conflict is pushing silver lower, not higher.

This is the counterintuitive trade of 2026. Normally, geopolitical risk pushes precious metals up. Despite escalating US-Iran hostilities, including attacks on Kharg Island and the Yahya Abad railway bridge, silver remains 25% below pre-war levels, weighed down by a stronger US dollar and fading Federal Reserve rate cut expectations. 

Markets are now pricing in a potential Federal Reserve rate increase this year, a complete reversal from earlier expectations of two rate cuts, as oil price shocks stoke inflation concerns and reinforce a hawkish policy outlook. When rates rise, or rate cuts disappear, non-yielding assets like MCX silver lose their appeal fast. Related commodity plays, including Hindustan Zinc (NSE: HINDZINC) and Vedanta (NSE: VEDL), both significant silver producers in India, face direct earnings pressure when MCX silver prices correct sharply. 

Physical Silver vs. MCX Futures — The Gap Matters

Physical silver in Mumbai trades at ₹2,50,000 per kg on June 10, 2026, sitting above the MCX futures range and reflecting the premium that physical demand and supply chain costs add on top of exchange-traded prices. Silver continues to trade at elevated levels compared to long-term averages, supported by industrial demand and investment buying, with silver’s sensitivity to global manufacturing trends making it more volatile than gold during uncertain economic conditions. 

Final Thoughts

MCX silver’s selloff is not a market malfunction; it is a rational response to a specific macro setup: a war that drives inflation rather than safe-haven flows, a Fed that responds by tightening rather than easing, and a dollar that gains while silver suffers. Since the US-Iran conflict began on February 28, 2026, silver has declined nearly 20%, a trend that will only reverse when rate cut expectations return or the Strait of Hormuz fully reopens. Neither looks imminent right now.

Disclaimer

The content shared by Meyka AI PTY LTD is solely for research and informational purposes. Meyka is not a financial advisory service, and the information provided should not be considered investment or trading advice.