Silver futures plunge Rs 3,917 to Rs 2.47 lakh/kg on weak global trends

Silver futures plunged on May 4, 2026, with MCX July silver down Rs 3,917 (1.56%) to Rs 247,020 per kg amid elevated crude oil-led inflation worries that dented investor risk appetite. Comex July silver also fell $1.57 (2.06%) to $74.85/oz. Analysts cited a hawkish Fed–oil–inflation feedback loop that trimmed rate-cut expectations, while yen-driven dollar weakness offered partial offset. Physical and central bank buying remain supportive, but weak Q1 jewellery demand and near-term risks (Strait of Hormuz tensions, US payrolls on May 8 and Treasury yields under incoming Fed chair Kevin Warsh) will determine direction. Augmont sees silver trading in a $71–80/oz range (Rs 2.35–2.55 lakh/kg). Overall, the piece signals near-term bearish pressure on silver prices amid macro/inflation dynamics despite structural industrial demand.