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Informist, Monday, Dec. 1, 2025

 

By Reshma Ravi

 

MUMBAI – Futures contracts of silver hit fresh record highs on both the COMEX and the Multi Commodity Exchange of India Monday, on tightening physical supplies and rising expectations of a rate cut by the US Federal Reserve this month.

 

At 1630 IST, the most-active March SILVER contract on the COMEX was up 2% at $58.27 per ounce after touching a record high of $58.61 per ounce. On the MCX, the same-month contract was 2% higher at INR 178,298 per kilogram after hitting an all-time high of INR 179,783 per kg.

 

Silver prices rose on increasing expectations that the US Federal Reserve will cut rates. "Dovish comments from Federal Reserve officials and weak data following the longest US government shutdown boosted bets on monetary easing," SMC Global Securities said in a report. According to the CME's FedWatch tool, 87.4% of traders are now pricing in a 25-basis-point rate cut. 

 

Silver prices also rose amid concerns about supply. "Chinese inventories fell to their lowest level in a decade after record exports of over 660 tonnes in October. The sharp drawdown and recent shipments to London have tightened near-term availability, driving prices higher," SMC said.

 

Futures contracts of gold rose to a six-week high on the MCX and the COMEX Monday. Gold prices also rose amid bets that the US Federal Reserve will cut interest rates this month.  

 

At 1633 IST, the most-active February GOLD contract on the MCX was up 1.2% at INR 131,040 per 10 grams. The most-active  February contract on the COMEX rose 0.8% to $4,289.5 per ounce. The gold contract on the MCX had earlier risen to a six-week high of INR 131,260 per 10 grams, and on the COMEX, it rose to $4,297.8 per ounce.

 

Market sentiment further improved after Kevin Hassett, a close ally of US President Donald Trump, emerged as the frontrunner for the next Fed chair. Hassett is seen as favouring lower interest rates, aligning with Trump's stance.

 

Outlook for the rest of the session:

--MCX gold seen at INR 128,500–INR 132,500 per 10 grams

--COMEX gold seen at $4,250.0–$4,310.0 an ounce

--MCX silver seen at INR 175,000-INR 180,000 per kg

--COMEX silver seen at $57.50-$58.50 an ounce

 

End

 

US$1 = INR 89.55

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Saji George Titus

 

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