MCX Silver has dropped 2.32% to ₹245,675/kg this session, leading a broad selloff where MCX Gold fell 1.26% to ₹151,814/10g and MCX Crude declined 1.32% to ₹7,126/bbl. The driver is a stronger US dollar, after Fed officials signalled this week that rate cuts remain unlikely before Q4 2026, reducing appetite for hard assets globally. The twist: silver is trading just 0.27% above its ₹245,000 round-number level — historically, a close below that threshold has accelerated short-side momentum in MCX Silver given its amplified volatility versus gold (ratio ~1:1.7). USD/INR holding at ₹94.53 means Indian importers absorb the full COMEX decline without rupee cushion. Solar panel manufacturer Waaree Energies, a large silver consumer, sees input cost relief — but a sustained drop toward the ₹240,000 weekly support level could signal deeper demand-side deterioration worth monitoring.
Watch: MCX Silver's close relative to ₹245,000 today — a confirmed close below confirms session weakness; US Initial Jobless Claims (Friday, ~7 pm IST) could reset dollar direction entirely.