Silver futures soar to record high above $56 per ounce mark; Gold also soars

Silver futures for March 2026 delivery soared as much as ₹9,497 or 5.72% to reach a fresh lifetime high of ₹1,75,484 per kilogram on the Multi-Commodity Exchange (MCX).

Similarly, silver contracts for the December expiry stood at a record high of ₹1,72,099 per kilogram, surpassing the previous high of ₹1,70,415 it touched on October 17, 2025.

US economic data released during the week had investors betting on a 86.4% chance that the Federal Reserve will opt for a rate cut in December, according to the CME Group's FedWatch.

Meanwhile, reports suggest that White House National Economic Council Director Kevin Hassett is the front-runner to replace the current US Federal Reserve chair, 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 contstraint in London is what led to the white metal touching its previous record high.

On the MCX, gold futures for February 2026 delivery surged by ₹1,932 or 1.51% to trade at ₹1,29,599 per 10 grams.

In the international market, Comex gold (Feb 2026 expiry) stood at $4,240 per ounce, marking a $54.50 or 1.30% jump.

The dollar index, which gauges the greenback's strength against a basket of six currencies, closed 0.12% lower at 99.48.