Gold prices in India scaled fresh all-time highs today across 18K, 22K, and 24K categories. Silver prices also remained elevated, staying above the Rs 2 lakh level. While MCX commodities surged sharply during the day, silver futures eased slightly from the Rs 2 lakh mark, and MCX gold traded below its record highs. The surge in precious metals comes amid a bearish sentiment prevailing in the equity markets.
Also read: Hawkish Fed Rhetoric Triggers Gold and Silver Sell-Off
Commenting on the prices of Yellow metals Ajay Kedia of Kedia Advisory reports states Gold prices settled higher by 0.87% at 133,622, after briefly scaling a fresh all-time high near 135,000, supported by expectations of further US monetary easing. Sentiment improved as fresh signs of cooling in the US labor market strengthened the case for future rate cuts. Weekly jobless claims for December 6 rose more than expected, marking the highest level in over two months.
This followed the Federal Reserve’s third 25 bps rate cut of the year and a notably less hawkish stance. Chair Jerome Powell indicated that additional rate hikes are effectively off the table, prompting markets to price in two rate cuts in 2026, despite the Fed’s projections signaling only one. Adding to support, the Fed announced plans to purchase around USD 40 billion in short-term Treasury bills to ease money market strains, a move expected to cap short-term yields and remain favorable for precious metals.
On the other hand Jigar Trivedi of Reliance Securities states, Silver steadied around $62.5/oz, hovering near record highs and up more than 100% year-to-date. The rally has been supported by tightening inventories, robust industrial demand, and the metal’s inclusion on the US critical minerals list. Demand has been particularly strong from the solar, electric vehicle, and data center sectors.
Additional support came from strong ETF inflows and retail buying, reinforcing expectations of a market deficit next year. Silver also benefited from a softer dollar following last week’s Federal Reserve rate cut, although prospects for further easing in 2026 remain uncertain. Despite these gains, silver pulled back over 2% on Friday amid analyst warnings about stretched valuations relative to gold and potential impacts from US tariff exemptions. MCX Silver March prices are trading with the positive undertone and Rs 196,500/kg is likely stop for the intraday today.
