Silver futures decline Rs 1,137 to Rs 2.36 lakh/kg as oil rally weighs on bullion demand

Silver futures fell on Apr 29, 2026 as traders cut positions amid an oil-driven rise in energy prices and a firmer US dollar, which raised inflation expectations and the prospect of higher-for-longer interest rates. On MCX, May silver dropped Rs 1,137 (0.48%) to Rs 2,36,208/kg while the July contract slid Rs 1,964 (0.81%) to Rs 2,40,799/kg. Comex May silver eased to about USD 72.67/oz. Analysts said the Strait of Hormuz disruption tightened oil flows, amplifying inflationary pressure and pressuring bullion. Near-term technical/price outlook points to USD 73/oz as a key level; sustained trading below that could open the path toward USD 70/oz (roughly Rs 2.25 lakh/kg). Overall, the piece signals near-term downside risk for silver as macro forces (oil, dollar, and central-bank rate expectations) weigh on demand and valuations.