Overview

• MCX silver futures notched lifetime highs, with March quoted at Rs 1,30,000 per kg and the most‑traded December contract at Rs 1,28,612 per kg, while spot gauges also printed records this week.
• Local bullion benchmarks showed gold at lifetime highs in some markets, with the All India Sarafa Association citing Rs 1,13,800 per 10 grams for 99.9% purity, as IBJA’s all‑India reference hovered near Rs 1.09 lakh.
• Internationally, Comex gold traded near record territory around $3,646–$3,694 an ounce, and silver climbed to a roughly 14‑year high near $42–$43.
• Analysts tied the surge to weaker US producer prices and the highest jobless claims in four years, with markets pricing roughly a 93% chance of a 25 bps Fed cut and some probability of a larger move.
• Brokerages flagged silver’s industrial‑demand strength and tight supply, floated 6–12 month targets up to Rs 1.5 lakh per kg, and cautioned that volatility and profit‑taking could increase around the Fed decision; gold‑loan NBFCs stand to benefit as jewellers contend with higher input costs.