Silver rate today, May 11: Prices dip as dollar strengthens amid US-Iran turmoil, Here’s latest city-wise update across India

Silver Rate Today, May 11: Silver prices edged lower on Monday, May 11, tracking a similar decline in gold, as a stronger US dollar reduced demand for precious metals by making them more expensive for overseas buyers.

By around 6:35 am, spot silver had slipped about 0.1 per cent, trading near USD 80. The metal registered a weekly gain last week. In India, MCX silver futures were not actively trading at the time of reporting, but they had previously settled 1.3 per cent higher, or Rs 3,459 up, at Rs 2,61,999.

The US dollar index, which measures the currency against six major peers including the euro, yen, pound, Canadian dollar, Swedish krona, and Swiss franc, was up roughly 0.1 per cent at around 98. A firmer dollar typically weighs on silver because it reduces affordability for international buyers.

On the geopolitical front, Iran reportedly responded to the latest US proposal to resolve tensions via Pakistani intermediaries, but US President Donald Trump rejected the offer, calling it “TOTALLY UNACCEPTABLE!” This added to global market uncertainty.

At the same time, rising US-Iran tensions pushed crude oil prices higher. WTI crude rose about 3.6 per cent to USD 98.87 after briefly falling near USD 95 the previous week, while Brent crude traded close to USD 105 per barrel.

The jump in oil prices has intensified inflation concerns, which in turn could reduce expectations of interest rate cuts and keep borrowing costs elevated for a longer period.

Silver prices across major Indian cities like Delhi, Mumbai, Kolkata, Chennai, Patna, Lucknow, Noida, and Chandigarh remained uniform at Rs 2,750 per 10 grams, Rs 27,500 per 100 grams, and Rs 2,75,000 per kilogram, showing no regional variation.

Silver Rate Today by IBJA

The India Bullion and Jewellers Association (IBJA) sets the daily “base price” of silver in India, which serves as the national benchmark for bullion rates. In simple terms, IBJA rates act as the reference price across the country.

*Silver 999 means pure silver with 99.9 per cent purity.

The above prices are as of May 8.

(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money-related decisions.)