MCX silver futures dn over 2% on renewed fears of escalation in US-Iran war
This story was originally published at 13:11 IST on 20 April 2026
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By Abhijit Doshi
MUMBAI – Silver prices fell over 2% on the Multi Commodity Exchange of India in early trade Monday, tracking global prices that were down on uncertainty around the ongoing US-Iran war.
During the weekend, ships were attacked in the Strait of Hormuz, renewing fears of escalation in the war and energy supply disruptions, leading to inflation concerns, analysts said.
US President Donald Trump said Sunday that Iran had violated the cease-fire agreement, threatening in a social-media post to "knock out every single Power Plant and every single Bridge, in Iran," if Tehran doesn't make a deal, Dow Jones said in a report.
On Iran's side, its Parliament speaker and top negotiator Mohammad Bagher Ghalibaf said Tehran has no trust in the US, and its armed forces remain on full combat readiness as fighting could restart at any moment, the report said.
Meanwhile, Iranian state media reported that Tehran is not currently planning to attend talks with the US, citing the ongoing blockade as well as Washington's shifting positions and "excessive demands," Al Jazeera reported. This comes after Trump ordered US negotiators to travel to Pakistan on Monday, just days before the two-week ceasefire expires, the report said.
In India, demand for silver had declined as buying was seen falling after the Akshay Tritiya festival demand ended Sunday, analysts said. High prices also dented demand, they said.
At 1150 IST, May silver futures contract on MCX was trading at INR 252,141 per kg, down 1.9% from Friday close. On COMEX, the same month contract was at $79.765 per ounce, down 2.5%. End
US$1 = INR 93.05
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Deepshikha Bhardwaj
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