Silver hits record high on MCX, COMEX as weak US jobs data ups rate cut hope
This story was originally published at 11:50 IST on 17 December 2025
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--MCX March silver contract hits new record high of INR 206,111 per kg
--COMEX March silver contract hits new record high of $66.65 per ounce
MUMBAI – Futures contracts of silver hit a new lifetime high on the Multi Commodity Exchange on Wednesday, tracking record high prices on COMEX. Silver prices surged after a weak US jobs report reinforced expectation of up to two interest rate cuts in 2026. Strong industrial demand for the white metal in renewables, grid infrastructure, and artificial intelligence-linked technologies is also supporting the prices.
At 1134 IST, the most-active March silver contract on the MCX was up 4% at INR 205,410 per kg, after touching a record high of INR 206,111 per kg. On COMEX, the same-month contract was up nearly 5% at $66.41 per ounce, after touching a record high of $66.65 per ounce.
Domestic silver prices are likely to move between INR 199,500 and INR 206,000 per kg, with high intraday volatility and a positive bias, SMC Global Securities said in a note.
The US unemployment rate rose to an over four-year peak of 4.6% in November, the Labor Department data showed on Tuesday. "The unemployment data has definitely helped precious metals and weakened the dollar, prompting investors to look for other asset classes offering higher returns as a hedge against risk," Reuters quoted GoldSilver Central MD Brian Lan as saying. Typically, lower interest rates boost the appeal of non-interest-yielding precious metals such as silver. End
US$1 = INR 90.31
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Reshma Ravi
Edited by Akul Nishant Akhoury
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