MCX Silver is the session's sharpest mover — down 2.84% to ₹228,230/kg at 09:49 am IST, with COMEX silver off 2.59% at $63.12/oz. The selloff follows overnight risk-off positioning as COMEX speculative longs unwound ahead of this week's US PCE inflation print, a Fed-preferred gauge that could delay rate-cut expectations if it prints above 2.6%. The twist: silver is trading 8.5% below its 20-SMA of ₹247,182 while the gold-silver ratio sits near 90x — historically, GSR at these levels has preceded silver's sharp outperformance in the subsequent reflationary leg, not sustained underperformance. MCX Gold fell a milder 1.02% to ₹146,750/10g, confirming silver is absorbing disproportionate selling pressure; with USD/INR at ₹94.68, Indian silver importers are paying a double premium — weaker COMEX price offers no relief because a firm rupee hasn't followed. India's largest solar-panel silver-paste importer, Waaree Energies, faces procurement cost volatility on an estimated ₹180–220 crore/month silver input bill at current volumes.
Watch: COMEX silver $62.00/oz — a close below this level extends the MCX breakdown toward day-range support at ₹227,125.