Silver Hits New Record As Price Crosses $60 An Ounce; Gold Trades Above $4,200
Silver futures on the MCX also scaled a new record, trading 3.09% higher at Rs 1.87 lakh a kilogram.
US spot silver prices grew over 3% on Tuesday to touch a new record-high as bets on a rate cut by the Federal Reserve grew stronger.
The white metal touched an all-time high of $60.01 an ounce, up 3.19% from the previous day's close.
US spot gold also edged higher, trading above the $4,200-mark. At 9:06 pm IST, it was trading 0.4% higher at $4,207.32 an ounce.
The upward movement in the precious metal prices comes on a day when the Federal Open Market Committee began its two-day meeting. At 2:30 pm EST on Wednesday (12:30 am IST on Thursday), the Fed would announce its rate decision.
Gold and silver prices were expected to edge higher with the likelihood of a rate cut looking stronger. There is an 89.4% probability of benchmark rates being slashed by 25 basis points, according to CME FedWatch.
Notably, the rising odds of a Fed rate cut augur well for the prices of gold and silver, as a low-interest rate environment makes non-yielding assets like precious metals more attractive for investment.
MCX Silver At All-Time High
Reflecting the surge in silver prices in the global markets, the metal's futures also rose on India's Multi Commodity Exchange (MCX). The futures slated for March delivery hit an all-time high of Rs 187,305 a kilogram at 9:27 pm, up around 3.09% from its previous day's close.
Gold futures on the MCX also edged higher, even as the surge was not as sharp as compared to silver. The gold futures slated for February delivery were trading 0.24% higher at Rs 130,290 a kilogram at 9:29 p.m.
In a note released on Tuesday—a day before the Fed decision—Geojit Investment analysts saw gold futures for February 2026 seeing an immediate resistance at Rs 1,30,625 per 10 gram. If there is a further uptick in prices, the yellow metal may rise to Rs 1,31,288, and beyond that, the resistance will lie at Rs 1,31,812.
