Silver price today: Silver futures touch new highs; cross Rs 1.85 lakh per kg mark as rupee goes past 90 mark versus dollar
Silver price today: Silver prices continued to rally on Wednesday, with the precious metal hitting a new high of Rs 1,84,727 per kilogram. This is an increase of Rs 3,126, whilst gold futures climbed to Rs 1,30,766 per 10 grams, following strong international market trends.The unprecedented decline in the rupee’s value against the US dollar contributed to the increased precious metal prices, according to market experts quoted by PTI.Gold futures for February 2026 delivery on the Multi Commodity Exchange (MCX) increased by Rs 1,007, representing a 0.78 per cent rise, reaching Rs 1,30,766 per 10 grams.On the MCX, silver futures achieved unprecedented levels. The March 2026 contract for the white metal increased by Rs 3,126, showing a 1.72 per cent gain, to reach Rs 1,84,727 per kilogram.The rupee crossed the 90-mark initially on Wednesday, declining 6 paise to 90.02 during morning trading, affected by continuous dollar requirements from banks and overseas fund withdrawals.International markets witnessed increases in both gold and silver futures, driven by widespread anticipation of the US Federal Reserve implementing an interest rate reduction in the following week.In December, gold futures on the Comex advanced by USD 29.3 (0.7 per cent) to USD 4,215.9 per ounce, whilst the February 2026 futures increased by USD 39.3 (0.93 per cent) to USD 4,260.1 an ounce.According to Jigar Trivedi, Senior Research Analyst at Reliance Securities, “Gold rose to around USD 4,220 per ounce, moving back towards a six-week high, supported by ongoing expectations of further monetary easing from the Federal Reserve.”Rahul Kalantri, Vice-President, Commodities, Mehta Equities, indicated that recent US data showing mild economic weakness increased the likelihood of a rate cut next week to almost 90 per cent, supporting market sentiment towards precious metals.“Speculation about Kevin Hassett potentially replacing Jerome Powell as Fed chair also added a dovish tone,” Kalantri stated.Silver futures for December delivery on Comex increased by 1.6 per cent, reaching USD 58.90 per ounce, while the March contract rose by 1.62 per cent to USD 59.65 per ounce, both achieving record levels.Kalantri observed that investors awaited the ADP employment report and delayed September Personal Consumption Expenditures (PCE) inflation data for additional policy direction. Additionally, US Treasury yields decreased following an initial increase driven by widespread bond selling.
