Silver prices resumed their losing streak in Tuesday's trade on November 3, after a brief recovery, as crude oil prices jumped following reports of a US strike on Iran's Qeshm Island. The development fuelled inflation concerns and reinforced expectations that global central banks could keep interest rates higher for longer.
The December silver futures contract on the MCX slipped ₹8,528 per kg to hit its lowest level since late November 2025 at ₹1,75,251. The decline erased all of Monday's gains of ₹4,647 and widened the metal's year-to-date losses to 25%.
Gold prices also retreated after the previous session's gains, with the yellow metal falling nearly ₹2,079 per 10 grams to ₹1,37,863. After posting losses for two consecutive months, both precious metals have started November on a volatile note.
Crude oil prices staged a strong recovery, rebounding 1% after reports that the United States had struck Iran's Qeshm Island. The development raised concerns about an escalation in the eight-month conflict and prolonged disruptions to oil supplies from the Middle East.
The reported attacks came days after US President Donald Trump indicated that he wanted to give diplomacy more time before considering renewed military action.