Overview
- Spot silver vaulted above $91 an ounce and briefly tested $92, while gold traded near $4,636–$4,640 to mark fresh all-time highs.
- The latest leg higher followed softer U.S. inflation that reinforced rate-cut bets and heightened geopolitical tension, alongside disclosures that federal prosecutors subpoenaed Fed Chair Jerome Powell.
- CME shifted precious-metals futures to percentage-of-contract margining, a move that raises collateral requirements as prices rise and curbs effective leverage.
- Tighter physical supply deepened the rally, with reports of China’s new silver export restrictions straining inventories, briefly lifting silver lease rates above 8% and pushing premiums over paper prices in hubs such as Dubai.
- Domestic benchmarks surged as well, with India’s All India Sarafa Association citing silver at Rs 2,86,000/kg and gold at Rs 1,46,500/10g in Delhi, and Pakistan’s association reporting gold at a record Rs 486,162 per tola.