Silver Hits Record High as Rupee Slumps

New Delhi, Dec 3 (PTI) Silver prices surged by Rs 3,126 to hit a fresh record of Rs 1,84,727 per kilogram on Wednesday while gold futures advanced to Rs 1,30,766 per 10 grams, tracking firm global trends.

A steep fall in the rupee, which slipped to an all-time low against the US dollar, further pushed up bullion prices, analysts said.

On the Multi Commodity Exchange (MCX), gold futures for the February 2026 contract jumped by Rs 1,007, or 0.78 per cent, to Rs 1,30,766 per 10 grams.

Silver futures also moved higher to hit an all-time high on the MCX. The white metal for March 2026 delivery zoomed by Rs 3,126, or 1.72 per cent, to Rs 1,84,727 per kilogram.

On Wednesday, the rupee breached the 90-mark for the first time, slipping 6 paise to 90.02 in the morning trade, as persistent dollar demand from banks and foreign fund outflows weighed on the sentiment.

In the global market, gold and silver futures rose amid mounting expectations of an interest rate cut by the US Federal Reserve next week.


On the Comex, gold for December delivery rose by USD 29.3, or 0.7 per cent, to USD 4,215.9 per ounce, while the February 2026 contract went up by USD 39.3, or 0.93 per cent, to USD 4,260.1 an ounce.

"Gold rose to around USD 4,220 per ounce, moving back towards a six-week high, supported by ongoing expectations of further monetary easing from the Federal Reserve," Jigar Trivedi, Senior Research Analyst at Reliance Securities, said.

Rahul Kalantri, Vice-President, Commodities, Mehta Equities, said, expectations of further Fed easing supported sentiment as recent US data indicated mild economic softness, raising the probability of a rate cut next week to nearly 90 per cent.

"Speculation about Kevin Hassett potentially replacing Jerome Powell as Fed chair also added a dovish tone," Kalantri added.

Comex silver for December delivery climbed 1.6 per cent to touch a lifetime high of USD 58.90 per ounce, while the March contract gained 1.62 per cent to record of USD 59.65 per ounce.

Market participants are awaiting the ADP employment report and delayed September Personal Consumption Expenditures (PCE) inflation data for further policy cues. Meanwhile, US Treasury yields eased after an earlier rise driven by a global bond sell-off, Kalantri noted.