Overview
- Spot silver jumped to fresh records above $62 and briefly over $64 per ounce after the Federal Reserve trimmed rates by 25 bps in a 9–3 vote and signalled caution on further easing.
- Year-to-date gains in silver exceeded 110%, far outpacing gold’s rise, with several reports citing records near $62.9–$64.3 and sustained strength into Friday’s session.
- Record inflows into silver-backed ETFs and elevated borrowing rates reflect strong investment demand alongside lingering tightness following an October squeeze and low Chinese inventories.
- Indian benchmarks surged to all-time highs, with Delhi spot at Rs 1.94 lakh per kg and MCX futures near Rs 1.93 lakh, supported by global gains and a weaker rupee.
- Analysts highlight solid industrial use from solar, EVs and electronics as core support, while warning that speculative momentum and a divided Fed outlook could add near-term volatility.