Silver Futures Plunge Rs 4,232 to Rs 2.55 Lakh/kg Amid Weak Demand, Strong Dollar

• Silver futures for May delivery dropped Rs 4,232 (1.63%) to Rs 2,55,203 per kilogram on the Multi Commodity Exchange.
• The decline is attributed to weak domestic demand and a strong US dollar, impacting investor sentiment.
• Indian bullion dealers are offering unprecedented discounts of USD 83 per ounce, the highest since July 2016, indicating severely weak retail demand.
• Jewellers are refraining from purchases as they focus on closing their books for the financial year, further dampening demand.
• Globally, Comex silver fell to USD 80.06 per ounce; geopolitical tensions and upcoming central bank meetings also influence market sentiment.