Silver prices jumped over 2% to a fresh record high on the Multi Commodity Exchange of India (MCX) on Monday, along with a rally in gold, amid gains in global bullion markets. The upmove was driven by a weaker US dollar and rising expectations of further interest rate cuts by the US Federal Reserve.
MCX silver rate jumped as much as 2.09% to ₹1,78,649 per kg, while MCX gold price in India rallied 0.99% to ₹1,30,794 per 10 grams.
At 1:30 PM, MCX silver price was up by ₹2,629, or 1.50%, at ₹1,77,610 per kg, while MCX gold rate was trading higher by ₹1,407, or 1.09%, at ₹1,30,911 per 10 grams.
In the international market, spot silver price rose 1.1% to $56.99 per ounce after hitting an all-time high of $57.86 in the session. Spot gold price edged up 0.1% to $4,235.59 per ounce, after touching its highest since October 21. US gold futures for December delivery climbed 0.3% to $4,269.40.
Silver futures prices for March 2026 expiry extended their winning streak for the seventh consecutive session. The white metal price has soared by ₹21,245, or 13.5%, over this period.
The rally in gold and silver prices was underpinned by softness in the US dollar. The dollar index, which measures the greenback’s strength against a basket of six major currencies, was down 0.03% at 99.43, lending support to gold prices in the international markets.
A weaker Indian rupee against the US dollar has further boosted gold and silver prices in the domestic market.
“Silver price extended its rally amid mounting supply concerns and growing expectations of further Federal Reserve rate cuts. Chinese inventories have dropped to their lowest level in a decade following heavy shipments to London triggered by a supply squeeze, while China’s silver exports surged to an all-time high of more than 660 tonnes in October,” said Jigar Trivedi, Senior Research Analyst at Reliance Securities.
On the policy front, markets now assign roughly an 85% probability to a third Fed rate cut in December, with three additional cuts anticipated by the end of 2026.
Since October, silver price has repeatedly tested record highs as global economic uncertainty, expectations of looser monetary policy, and tightening physical supply have continued to underpin demand.
Rahul Kalantri, VP Commodities, Mehta Equities noted that the technical charts for silver have turned “more bullish” over the past week, drawing chart-based speculators to the long side of the market.
“Safe-haven buying also emerged for precious metals after trading was halted in the CME due to overheating in its data center,” Kalantri said.
Market participants now await a slew of macroeconomic data releases in the US, including the ISM Manufacturing PMI for November later in the day, which could provide fresh cues about the health of the economy and short-term direction for bullion prices.
So far in 2025, MCX gold price has delivered returns of 66%, while MCX silver price has significantly outperformed, rallying 91% on a year-to-date (YTD) basis. Over the past three months alone, gold prices have gained 25%, compared with a more than 40% spike in silver rates.
Will silver prices continue to outperform gold?
While safe-haven demand for both gold and silver is expected to remain robust, analysts believe silver will also draw strength from industrial demand, a structural supply deficit and rising investment flows.
“Comex silver price surge reflects tight supply, expanding solar and electronics demand, and a supportive interest-rate backdrop. These forces may keep silver ahead of gold in 2026, though gains could be uneven as industrial use leaves it sensitive to any slowdown,” said Jigar Trivedi.
He added that gold’s central-bank buying provides a strong backstop, but silver’s structural deficit and demand from technology and clean energy give it a stronger upside bias, provided global growth and energy investment remain on track.
“Comex silver price has support around $52 per ounce, while resistance is seen at $60-62 levels. MCX silver price for March expiry has support at ₹1,68,000 per 10 grams and resistance at ₹1,87,000 level,” said Trivedi.
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