Overview
- Spot prices jumped to roughly $84 an ounce before sliding 4–8% on Monday, with gold also easing from record territory.
- India’s MCX March contract hit an all-time high near Rs 2,54,174 per kg, then fell to an intraday low around Rs 2,33,120 as traders booked profits.
- CME lifted initial margin for March 2026 silver futures to about $25,000, the second increase in two weeks that pressured leveraged positions.
- Drivers cited include tight inventories, strong industrial demand and expectations of further Fed easing with a weaker dollar, while thin year-end liquidity intensified swings and some analysts flagged bubble-like behavior.
- Policy and structural factors remain pivotal, with China’s export-licensing rules for silver starting January 1, 2026 and a U.S. critical-minerals review influencing trade flows after 2025 gains of roughly 160–185%.