Silver Plunges 4% on MCX Amid Strong Dollar, Profit-Booking

• Silver prices on MCX fell by nearly 4% to Rs 2,56,343 per kilogram, mirroring international market trends.
• The decline is attributed to a stronger US dollar and profit-booking after silver recently hit record peaks.
• The US Federal Reserve held interest rates steady, contributing to the market dynamics.
• Kevin Warsh's nomination as the next Fed chair, known for his hawkish stance, has strengthened the dollar.
• Geopolitical tensions (US-Iran, Russia-Ukraine, Gaza crisis) and industrial demand continue to provide underlying support for silver prices despite the pullback.

Why It Matters: Silver prices dropped significantly due to a strong dollar and profit-booking, despite ongoing geopolitical support.