New Delhi, March 31 -- Silver rate in India has corrected sharply by 45% from its record high amid a stronger dollar and fading expectations of US Federal Reserve rate cuts, as inflation risks rise due to soaring crude oil prices driven by the US-Iran conflict.

MCX silver May futures are now down 45% down from their record high of Rs.4,20,088 per kg hit on 29 January 2026.

The dollar index, which is at 100, gained nearly 3% in March, extending gains to its second consecutive month. The dollar's rise due to an increase in its demand amid elevated crude oil prices is one of the biggest reasons behind the correction in gold and silver prices.

Moreover, the US-Iran war and the resulting rise in energy prices have raised concerns over an in...