Silver prices nosedived to hit their lower circuit in futures trade on Monday (March 23, 2026), tumbling by ₹20,409 to ₹2.06 lakh per kilogram amid weak global trends and sustained selling pressure.

On the Multi Commodity Exchange, silver for May delivery slumped Rs 20,409, or 9 per cent, to Rs 2,06,363 per kilogram, its lower circuit limit.

Analysts said the sharp fall came despite escalating tensions in West Asia, as broader macroeconomic factors weighed heavily on precious metal prices.

Silver prices have fallen sharply on Monday despite escalating West Asian tensions due to overriding macroeconomic pressures, Hareesh V, Head of Commodity Research, Geojit Investments Ltd, said.

He added that a strong U.S. dollar and rising Treasury bond yields have weakened bullion by increasing holding costs and making dollar-denominated metals more expensive for global buyers.

In the international market, silver futures on the Comex for the May contract declined by $6.51, 9.34 per cent, to $63.15 per ounce.

“Profit-taking and liquidity needs have also triggered selling after metals’ earlier rally, with investors cashing out to cover losses elsewhere,” Hareesh said.

“Meanwhile, surging oil prices have intensified inflation fears, prompting expectations of delayed interest rate cuts, further putting pressure on assets such as silver. These forces have outweighed safe-haven demand, keeping precious metals under downward pressure,” he said.