Silver hits all-time high at Rs 1,78,649 per kg, gold rises to Rs 1,30,550/10g on Fed rate-cut hopes

Silver and gold futures surged to new record levels in domestic markets on Monday, supported by a softer US dollar and rising expectations of an interest rate cut by the U.S. Federal Reserve.

On the Multi Commodity Exchange (MCX), silver futures for March 2026 delivery jumped by Rs 3,668, or 2.09 per cent, to a lifetime high of Rs 1,78,649 per kilogram, marking the seventh consecutive session of gains in a turnover of 15,750 lots. In the same session, gold futures for February 2026 delivery climbed by Rs 1,046, or 0.81 per cent, to Rs 1,30,550 per 10 grams, traded across 12,199 lots.

The white metal has surged Rs 21,245, or 13.5 per cent, over the past seven sessions, from Rs 1,57,404 per kilogram on November 20, reflecting strong investor interest amid favorable global cues.

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Global markets drive momentum

On international markets, Comex gold futures for December delivery rose USD 35.2, or 0.83 per cent, to USD 4,253.5 per ounce, hitting their highest level in six weeks. Comex silver futures for December also gained USD 1.3, or 2.4 per cent, to USD 57.80 per ounce, marking a fifth consecutive session of gains.

The U.S. dollar index, which measures the greenback’s strength against a basket of six currencies, was 0.03 per cent lower at 99.43, lending additional support to bullion prices globally.

Investors eye key US economic data

Market participants are closely monitoring upcoming U.S. macroeconomic data, including the ISM Manufacturing PMI for November, which could signal economic health and influence bullion movements.

Attention will also be on Federal Reserve Chair Jerome Powell’s remarks at a panel discussion at Stanford, ahead of the final monetary policy decision of the year. Later in the week, traders will focus on ADP employment change, unemployment claims, and the delayed Personal Consumption Expenditures (PCE) Index, a critical inflation gauge for the U.S. central bank.