Silver Futures Plunge 10% as U.S. April CPI Hits 3.8%, India Hikes Tariffs to 15%

According to Jin10, silver futures in Shanghai plunged over 10% on Friday as U.S. inflation data came in hotter than expected. April CPI rose 3.8% year-over-year, while PPI surged to 6%, raising concerns about a second wave of inflation and prompting expectations for Fed rate hikes. The stronger-than-expected data also triggered gains in the U.S. dollar index and higher Treasury yields, pressuring precious metals.

Meanwhile, India raised import tariffs on gold and silver to 15% from 6%, while imposing restrictions on certain silver products, dampening real demand. The policy shift compounds selling pressure on silver as investors reassess positions amid tightening monetary expectations and shifting geopolitical sentiment.