MCX silver rallies to fresh record high above ₹1.84 lakh/kg; Gold also surges on Dec 3

The rally was driven by a weakness in the Indian rupee, expectations of a US Fed rate cut, the RBI’s MPC meet, and a slump in China’s silver inventories.

Similarly, white metal contracts for the May 2026 expiry surged as much as ₹3,323 or 1.81% to a record high of ₹1,87,125 per kilogram.

On the MCX, gold futures for February 2025 delivery advanced by ₹1,010 or 0.78% to ₹1,30,769 per 10 grams, at around 10:50 am.

In the international market, Comex silver (for January 2026 delivery) rallied to a new all-time high of $59.165 per troy ounce. Meanwhile, Comex gold stood at $4,251.30 per ounce, up by 0.72%.

Domestically, the Indian rupee hit a fresh record low of 90.14 against the US dollar in the early trade on Wednesday.

US economic data released so far had investors betting on an 89.1% probability that the Federal Reserve will opt for a rate cut at its December 10 meeting, according to the CME Group's FedWatch.

Furthermore, the latest US economic data added to the cautious tone, with the Institute for Supply Management reporting that manufacturing contracted for a ninth consecutive month, which added pressure on the Fed to ease policy, a PTI report said, quoting Kaynat Chainwala, AVP Commodity Research, Kotak Securities.

Meanwhile, reports suggest that White House National Economic Council Director Kevin Hassett is the front-runner to replace the current Chair of the US Federal Reserve, Jerome Powell. He has echoed similar sentiments to those of US President Donald Trump, preferring lower interest rates.

Furthermore, Chinese silver inventories fell to their lowest levels in a decade, with the country exporting a record of 660 tonnes to London to alleviate its supply constraints, which it had faced in October. The supply constraint in London is what led the white metal to touch its previous record high.