Overview
- Spot silver touched a record near $91.6 per ounce and is up roughly 25–27% in the first two weeks of 2026, while gold set a fresh peak around $4,640.
- The Chicago Mercantile Exchange moved from fixed-dollar to percentage-of-value margining for metals, increasing required collateral as prices rise.
- India logged new peaks with MCX silver futures near Rs 2.88 lakh per kg and Delhi retail at about Rs 2.86 lakh per kg, while Pakistan's gold price hit a record Rs 486,162 per tola.
- Softer U.S. core CPI of 0.2% month-on-month and 2.6% year-on-year bolstered rate-cut expectations as geopolitical strains, including unrest in Iran and concern over Fed autonomy, drove safe-haven demand.
- Silver-linked stocks and ETFs advanced as prices held above $90, with analysts citing structural supply deficits and China's export curbs and warning that the vertical rally carries 1980-style downside risks.