Silver futures jump to hit record Rs 2.05 lakh kg tops USD 66 ounce in global markets

New Delhi, Dec 17 (PTI) Silver prices surged to a new lifetime high of Rs 2,05,934 per kilogram in the futures trade on Wednesday, supported by a rally in the white metal globally amid signs of tightening supplies and expectations of rate cuts by the Federal Reserve next year.
     On the Multi Commodity Exchange (MCX), silver futures for March contract zoomed by Rs 8,179, or 4.14 per cent, to touch a lifetime high of Rs 2,05,934 per kilogram. The metal had closed at Rs 1,97,755 per kg on Tuesday.
     Similarly, the May 2026 contract jumped by Rs 8,148, or 4.06 per cent, to hit a record of Rs 2,08,796 per kg.
     In addition, gold futures for February delivery increased by Rs 169, or 0.13 per cent to Rs 1,34,578 per 10 grams, compared with the previous close of Rs 1,34,409 per 10 grams.
     The April 2026 contract for the precious metal appreciated by Rs 273, or 0.2 per cent, to Rs 1,37,683 per 10 grams.
     In the international markets, gold prices are edging higher. On the Comex, the yellow metal futures rose USD 21.1, or 0.49 per cent, to USD 4,353.4 per ounce.
     "Gold climbed after a US jobs report showed the unemployment rate rose in November, buoying bets of further US interest rate cuts next year while pressuring the dollar and yields," Manav Modi, Analyst – Precious Metal -Research, Motilal Oswal Financial Services Ltd, said.
     Silver outshine gold in global trade, with Comex futures crossing the USD 66 per ounce mark for the first time. The March contract climbed by USD 2.95, or 4.65 per cent, to scale a fresh peak of USD 66.27 per ounce.
     "Silver's backwardation rises once again indicating tight supply squeeze in the market pushing prices to all-time highs at USD 66 in the early morning session," he said.
     Meanwhile, US Treasury Secretary Scott Bessent said that both Kevin Warsh and Kevin Hassett were qualified to lead the Federal Reserve, adding that any candidate Trump picks for the job needs to have "an open mind".
     Investors are awaiting the key US inflation data numbers, including the Consumer Price Index (CPI), and Personal Consumption Expenditures (PCE) price index, due later this week. The data release will offer fresh cues on the Fed's monetary policy outlook and near-term trajectory of bullion prices, Modi added.

(This story has not been edited by THE WEEK and is auto-generated from PTI)