Silver futures hit lifetime high of ₹1,16,729 per kg on MCX

Silver futures on Tuesday, August 26, soared ₹779 to hit a lifetime high of ₹1,16,729 per kg on the MCX in line with firm global trends.

In futures trade on the Multi-Commodity Exchange (MCX), the white metal for September delivery (expiry on September 5, 2025) climbed 0.67% (₹779) to an all-time high of ₹1,16,729 per kg in the morning trade.

The metal later pared some gains to trade ₹294 (0.25%) up at ₹1,16,244 per kg, with an open interest of 12,587 lots.

Silver prices reached their record high in the futures market after traders strongly participated in the safe-haven buying amid rising trade tensions globally and increased expectations of an interest rate cut by the US Federal Reserve in its policy meeting in September, according to market experts.

In the overseas markets, spot silver fell 0.21% to trade at $38.48 per ounce.

Gold futures

Gold October futures (expiry on October 3, 2025) traded ₹342 (0.34%) higher at ₹1,00,966 per 10 gram on the MCX on Tuesday.

On August 8, gold October futures jumped to a lifetime high of ₹1,02,250 per 10 gram.

Globally, spot gold is trading 0.37% up at $3,378.37 per ounce in New York.

"Gold prices rose on Tuesday to hit a two-week high (in global markets). The jump in yellow metal came after US President Donald Trump fired Federal Reserve Governor Lisa Cook over mortgage fraud accusations," a PTI report quoted Rahul Kalantri, VP Commodities, Mehta Equities, as saying.

This caused worry about the Federal Reserve's independence and made investors turn to safe-haven assets. Meanwhile, Fed Chair Jerome Powell also suggested last week that an interest rate cut in the September policy meeting is possible, though inflation is still a concern, Kalantri added.

Domestic gold and silver prices

Gold prices (24K, 99.9% purity) in the national capital soared ₹600 to ₹1,00,770 per 10 gram on the back of a weak rupee and firm global trends, as per All India Sarafa Association data.

Silver rallied ₹3,000 to its all-time high of ₹1,18,000 per kg.

The rupee depreciated by 12 paise to close at 87.68 (provisional) against the US dollar on Tuesday.