Overview
- Silver futures on India’s MCX fell as much as 7.5% to the lower circuit before paring losses, while spot silver hovered near $71–$72 and gold eased about 0.8% on Comex.
- CME Group lifted margin requirements on precious-metal futures for the second time in a week, forcing higher cash buffers and pressuring leveraged positions.
- Even after the pullback, 2025 closes with gold up roughly 64%–66% and silver near 150%, their strongest annual gains since 1979.
- Traders pointed to profit-taking, thin year-end liquidity, a firmer dollar and Federal Reserve minutes that cooled hopes for aggressive 2026 rate cuts as drivers of the downturn.
- Underlying supports remain in focus, including reported multi-year silver supply deficits and strong industrial and investment demand, with markets eyeing China’s January 1 export-licensing regime for potential near-term supply effects.