Overview
- Spot silver set a new intraday high near $91.56 per ounce and held above $90, while spot gold hovered around the mid-$4,600s at fresh records.
- In India, MCX March silver futures spiked to as high as Rs 2.88 lakh per kilogram and Delhi retail prices reached Rs 2.86 lakh per kilogram, according to the All India Sarafa Association.
- The Chicago Mercantile Exchange switched on Jan. 13 to margin requirements based on a percentage of contract value, lifting collateral needs as prices rise.
- Softer U.S. core inflation bolstered expectations for Federal Reserve rate cuts, and geopolitical tensions lifted safe-haven demand for precious metals.
- Analysts flagged tight physical supply linked to Chinese export curbs and byproduct-dominated output as miners and silver-focused ETFs rallied, with some warnings of heightened volatility reminiscent of past blowoffs.