Silver prices jumped sharply at the start of trading on Wednesday, hitting a fresh all-time high. On the MCX, silver March futures opened more than 2% higher, rising Rs 6,462 to trade at Rs 2,81,649 per kilogram, as strong global cues pushed prices higher. Gold prices also opened higher, but the gains were much smaller compared to silver. Gold February futures were trading at Rs 1,42,760 per 10 grams, up Rs 519 or 0.36% in early trade.
While gold stayed close to record levels, silver clearly stole the spotlight by touching a new lifetime high right at the opening bell.
In the international market, silver came close to the $90 mark, while gold hovered near its record highs. Prices were supported by softer-than-expected US inflation data, which strengthened hopes of an interest rate cut by the US Federal Reserve. Spot gold rose 0.6% to $4,615.85 per ounce as of 0211 GMT, after hitting a record high of $4,634.33 on Tuesday. US gold futures for February delivery gained 0.5% to $4,624.
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Back home, both metals had ended Tuesday’s session on a positive note. Gold February futures closed at Rs 1,42,241 per 10 grams, up 0.15%, while silver March futures jumped 2.31% to settle at Rs 2,75,187 per kilogram. Globally, prices ended mixed.
The sharp move came after US core CPI data showed inflation rising just 0.2%, below the expected 0.3%, while the annual rate stayed at 2.6%. This increased expectations of easier monetary policy, supporting gold and silver prices. US President Donald Trump welcomed the inflation data and again called on Fed Chair Jerome Powell to deliver a “meaningful” rate cut.
Geopolitical risks have also boosted safe-haven demand. Ongoing tensions and civil unrest in Iran have added to investor worries. According to Manoj Kumar Jain of Prithvifinmart Commodity Research, the US Supreme Court’s upcoming decision on Trump-era tariffs could further influence market direction. He said gold is likely to find support at $4,380 per troy ounce and silver at $74 on a closing basis, despite high volatility.
The US Dollar Index was last seen around 99.16, up 0.02%. Jain said gold and silver prices are likely to remain volatile during the session due to movements in the dollar, the rupee, and updates on the Russia-Ukraine peace talks. He expects gold to trade between $3,434 and $3,510 per troy ounce, while silver may move in the range of $38.50 to $39.80.
