On Thursday, silver prices in India decreased by 2.5%, falling to ₹2,42,220 per kg, while gold prices dropped 0.6% to ₹1,51,719 per 10 grams. This decline is largely attributed to rising crude oil prices, which have surged above $100 per barrel, raising concerns about inflation and the potential for prolonged high interest rates. The geopolitical landscape, particularly stalled peace talks between the U.S. and Iran, has added to market uncertainty. The situation escalated as Iran seized two ships in the Strait of Hormuz, a critical oil transit route. Additionally, a Reuters poll indicated that the U.S. Federal Reserve is likely to delay interest rate cuts for at least six months, with market expectations shifting to a 23% chance of a rate cut in December, down from 28% a week prior. The combination of these factors is exerting downward pressure on precious metal prices.