More Stories

Informist, Wednesday, Dec. 3, 2025

--MCX March silver contract hits new record high of INR 184,727 per kg

--COMEX March silver contract hits new record high of $59.65 per ounce

NEW DELHI – Futures contracts of silver on the Multi Commodity Exchange of India hit a fresh record high on Wednesday, tracking gains in prices on COMEX. Prices also rose as the rupee hit a record low of 90.14 against the dollar shortly after opening. On COMEX, prices rose due to firm demand amid global economic uncertainty, expectations of lower interest rates in the US, and tightening physical supplies.

At 0939 IST, the most-active March silver contract on the COMEX was up 1.3% at $59.47 per ounce, after touching a record high of $59.65 per ounce. On the MCX, the same-month contract was 1.6% higher at INR 183,936 per kg, after hitting an all-time high of INR 184,727 per kg.

"Technically, silver is witnessing long liquidation with open interest down 6.87% to 13,736," Kedia Advisory said in a note. The brokerage sees immediate support at INR 178,420 per kg, with next support at INR 175,240 per kg. Resistance is now placed at INR 185,860 per kg after prices breached the INR 183,730 level, it added. 

Silver prices have been rising on growing expectations that the US Federal Reserve will cut rates in December. According to the CME's FedWatch tool, 89.1% of traders are now pricing in a 25-basis-point rate cut in December, while 10.9% of traders anticipate no change in interest rates. Typically, a lower interest rate environment boosts the appeal of non-yielding precious metals. 

The rise in silver prices was also due to concerns about supply. "On the physical front, global supply tightness continues to underpin prices. Chinese silver stockpiles have dropped to their lowest levels since 2015 while trading volumes on the Shanghai Gold Exchange have slumped to a nine-year low," Kedia Advisory said. Silver has emerged as a dual-purpose asset, serving both as a critical industrial input and a hedge against macroeconomic instability. The white metal is used in grid infrastructure in renewable energy technologies and artificial intelligence-related applications.

"The price of silver has doubled since the beginning of the year. This means that silver is also on the verge of its strongest annual increase since 1979. The price increase for silver is also stronger than that for gold, as reflected in the decline in the gold/silver ratio to 72," Commerzbank said in a report.  End

US$1 = INR 90.11

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

Reported by Afra Abubacker

Edited by Nishant Maher

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd. by NSE Data & Analytics Ltd., a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt. Ltd.

Informist Media Tel +91 (22) 6985-4000

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2025. All rights reserved.