Silver Price Recovery Limited by Hawkish US Federal Reserve Stance

Silver prices on the Multi Commodity Exchange (MCX) surged 3.7% on March 20, following three consecutive sessions of losses, driven by a softer US dollar. However, the white metal is poised for a weekly decline due to the US Federal Reserve's hawkish stance, which has reduced expectations of near-term interest rate cuts.

Key Highlights

• MCX silver price advanced ₹8,500 to ₹2,40,000 per kg.
• MCX gold price added ₹2,350 to ₹1,48,302 per 10 gram.
• Spot silver gained 0.1% to $73 per ounce.
• Spot gold firmed 0.2% to $4,657.50 per ounce as of 0112 GMT.
• Bullion has lost more than 7% so far this week.
• U.S. gold futures for April delivery rose 1.1% to $4,657.90.
• Spot platinum rose 0.1% at $1,972.80 and palladium added 0.4% to $1,452.21.

Read also: Gold and Silver Prices Decline Amid Strengthening Dollar and Inflation Concerns