COMEX silver hits lifetime high after 14 years on firm safe-haven demand
This story was originally published at 20:21 IST on 9 October 2025
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--COMEX December silver contract hits new record high of $49.96 per ounce
--MCX December silver contract hits new record high of INR 153,388 per kg
--MCX December gold contract hits new record high of INR 123,677 per 10 gm
MUMBAI – Futures contracts of silver rose on COMEX to a lifetime high after almost 14 years due to firm safe-haven demand and low supply. Silver prices of the global exchange crossed the $50-per-ounce level Thursday for the first time. Tracking this rally in silver prices, futures contracts of silver and gold on the Multi Commodity Exchange of India also rose to fresh record highs Thursday.
"Spot silver surged to record highs, crossing $51 per ounce for the first time ever as investors sought refuge in safe-haven assets amid rising fiscal and monetary concerns," Kedia Stocks and Commodities Research said in a note. The metal has gained more than 70% this year, outpacing gold, supported by tight supplies and soaring borrowing costs in the London market.
The January contract on COMEX rose to a record high of $50.13 per ounce earlier Thursday. At 1956 IST, the most active December silver contract on COMEX was down over 0.5% at $48.74 per ounce, after touching a record high of $49.96 per ounce.
At 1956 IST, the most active December silver contract on the MCX was steady from the previous close at INR 149,840 per kilogram, after touching an all-time high of 153,388 per kg. The most active December gold contract on the MCX was down 0.6% at INR 122,500 per 10 grams, after touching an all-time high of INR 123,677 per 10 grams.
Concerns about the ongoing US government shutdown and expectations of a rate cut later this month by the US Federal Reserve are also supporting prices of both metals. According to the CME FedWatch tool, 94.6% of traders are pricing in a 25-basis-point rate cut at the October meeting and 5.4% anticipate the rates to remain unchanged at 4.00-4.25%. Gold prices typically rise during times of economic and geopolitical uncertainties and a low-interest-rate environment.
The continuous buying of the precious metals by the global central banks is also supporting the rally in gold prices. "Latest data from the IMF shows that the Central Bank of Brazil increased its gold reserves by almost 16 tonnes in September - its first addition of gold since July 2021. Its gold holdings now total 145 tonnes," Krishan Gopaul, senior analyst at the World Gold Council, posted on his X handle.
Outlook for the rest of the session:
--MCX Dec gold seen at INR 120,769–INR 125,309 per 10 grams
--MCX Dec silver seen at INR 148,000-INR 155,644 per kg
--COMEX Dec silver seen at $47.74-$51.59 an ounce
End
US$1 = INR 88.78
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by J. Navya Sruthi
Edited by Saji George Titus
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