Overview
- Spot silver set fresh all-time highs on Wednesday, touching up to $66.87 per ounce and extending 2025 gains to more than 120% by LSEG data.
- In India, MCX futures hit lifetime highs around ₹2.05–2.06 lakh per kg and Delhi prices breached ₹2 lakh per kg for the first time, while Pakistan also reported record local silver rates.
- Gold remained firm near $4,320–$4,350 per ounce and is up roughly 64–65% this year, but silver’s rally continued to outpace the yellow metal.
- Weaker U.S. labor data that lifted rate-cut expectations, a softer dollar, tight physical supply, strong industrial demand and ETF inflows were cited as key supports, with backwardation highlighting strained inventories.
- Analysts flagged elevated volatility and the risk of sharp pullbacks even with supportive fundamentals, with upcoming CPI and PCE prints seen as the next catalysts for bullion.