Overview
- Spot silver pushed to roughly $91 per ounce after breaking the $90 threshold for the first time, while spot gold touched fresh highs near $4,640.
- CME moved precious‑metals futures margins to a percentage‑of‑contract‑value model, a shift designed to curb leverage as prices accelerate.
- Local markets echoed the surge, with Delhi silver at a record Rs 2.86 lakh per kg and gold at Rs 1.465 lakh per 10 grams, and Pakistan gold per tola at a record Rs 486,162 as silver neared Rs 10,000 per tola.
- Silver miners and related ETFs advanced, with U.S.-listed producers and funds such as iShares Silver Trust, Abrdn Physical Silver Shares, and ProShares Ultra Silver posting solid gains.
- Safe‑haven flows tied to tensions in Iran and questions around Fed independence combined with softer U.S. core CPI at 0.2% m/m, 2.6% y/y and structural supply tightness, while analysts flagged volatility risks and 1980 ‘Silver Thursday’ parallels.