Silver prices surged to a new lifetime high of ₹2,05,934 per kilogram in the futures trade on Wednesday, supported by a rally in the white metal globally amid signs of tightening supplies and expectations of rate cuts by the Federal Reserve next year.
On the Multi Commodity Exchange (MCX), silver futures for March contract zoomed by ₹8,179, or 4.14 per cent, to touch a lifetime high of ₹2,05,934 per kilogram. The metal had closed at ₹1,97,755 per kg on Tuesday.
Similarly, the May 2026 contract jumped by ₹8,148, or 4.06 per cent, to hit a record of ₹2,08,796 per kg.
In addition, gold futures for February delivery increased by ₹169, or 0.13 per cent to ₹1,34,578 per 10 grams, compared with the previous close of ₹1,34,409 per 10 grams.
The April 2026 contract for the precious metal appreciated by ₹273, or 0.2 per cent, to ₹1,37,683 per 10 grams.
In the international markets, gold prices are edging higher. On the Comex, the yellow metal futures rose $21.1, or 0.49 per cent, to $4,353.4 per ounce.
“Gold climbed after a US jobs report showed the unemployment rate rose in November, buoying bets of further US interest rate cuts next year while pressuring the dollar and yields,” Manav Modi, Analyst – Precious Metal -Research, Motilal Oswal Financial Services Ltd, said.
Silver outshine gold in global trade, with Comex futures crossing the $66 per ounce mark for the first time. The March contract climbed by $2.95, or 4.65 per cent, to scale a fresh peak of $66.27 per ounce.
“Silver’s backwardation rises once again indicating tight supply squeeze in the market pushing prices to all-time highs at $66 in the early morning session,” he said.
Meanwhile, US Treasury Secretary Scott Bessent said that both Kevin Warsh and Kevin Hassett were qualified to lead the Federal Reserve, adding that any candidate Trump picks for the job needs to have “an open mind”.
Investors are awaiting the key US inflation data numbers, including the Consumer Price Index (CPI), and Personal Consumption Expenditures (PCE) price index, due later this week. The data release will offer fresh cues on the Fed’s monetary policy outlook and near-term trajectory of bullion prices, Modi added.