Key Moments
- MCX silver futures for March delivery fell ₹4,161, or 1.61%, to ₹2,54,650 per kg after reaching a record intraday high of ₹2,59,692 per kg.
- Comex silver futures dropped $1.41, or 1.74%, to $79.63 per ounce, after briefly trading near $82.58 per ounce.
- Gold futures eased in domestic and international markets as traders locked in gains and awaited key US economic data and Federal Reserve signals.
Domestic Silver Rally Pauses After Record Levels
Silver prices in the futures segment reversed sharply on Wednesday following an aggressive rally. Traders moved to lock in profits ahead of key US economic releases.
On the Multi Commodity Exchange (MCX), March silver futures ended a four-session winning streak. The contract dropped ₹4,161, or 1.61%, to close at ₹2,54,650 per kg. Earlier, it had climbed ₹881, or 0.34%, to set a record intraday high of ₹2,59,692 per kg before profit-taking pushed prices lower.
The move followed a strong advance on Tuesday, when the metal surged ₹13,167, or 5.35%, reaching a peak of ₹2,59,322 per kg. It then settled at ₹2,58,811 per kg. On Monday, the contract closed at ₹2,46,155 per kg, showing the rapid pace of the recent upswing.
| Date / Session | MCX Silver Price (₹/kg) | Change | Change (%) |
|---|---|---|---|
| Monday close | ₹2,46,155 | – | – |
| Tuesday intraday peak | ₹2,59,322 | ₹13,167 | 5.35% |
| Tuesday close | ₹2,58,811 | – | – |
| Wednesday intraday record | ₹2,59,692 | ₹881 | 0.34% |
| Wednesday close | ₹2,54,650 | ₹-4,161 | -1.61% |
Gold Futures Show Mild Profit-Taking
Gold futures showed more subdued moves compared with silver. On the domestic exchange, February gold contracts slipped as investors booked partial profits after recent gains.
February gold fell ₹633, or 0.46%, to ₹1,38,450 per 10 grams. Analysts described this as mild profit-taking following earlier strong sessions.
International Silver and Gold Prices Ease
Overseas, silver also retreated after testing record levels. Comex silver fell $1.41, or 1.74%, to $79.63 per ounce, after rising intraday as much as 1.91% to $82.58.
The metal had reached a lifetime high of $82.67 on December 29. Gold tracked a similar pattern. February international gold fell $21, or 0.47%, to $4,475.10 per ounce, consolidating near record levels.
| Contract / Market | Price | Absolute Move | Percentage Move | Notable Level |
|---|---|---|---|---|
| Comex Silver | $79.63/oz | $-1.41 | -1.74% | Intraday high near $82.58; lifetime high $82.67 (Dec 29) |
| International Gold (Feb) | $4,475.10/oz | $-21 | -0.47% | Consolidating near record levels |
Focus Shifts to US Data and Fed Outlook
Analysts said investors are now paying closer attention to upcoming US macro data and its implications for Federal Reserve policy. This shift contributed to the pause in bullion’s advance.
“Gold fell to around $4,480 per ounce on Wednesday, pausing its two-day gains as investors looked past geopolitical risks and focused on upcoming US economic data,” said Jigar Trivedi, Senior Research Analyst at Reliance Securities.
Trivedi noted that market participants are watching the December jobs report due Friday for additional clarity on the Fed’s path. He also mentioned comments from FOMC member Neel Kashkari, who suggested rising unemployment could increase the chances of interest rate cuts. Traders are currently pricing in two cuts for this year.
Geopolitical Tensions Support Safe-Haven Demand
Geopolitical developments continued to influence precious metals, even as attention shifted to economic data. Trivedi said tensions remain high after the US captured Venezuela President Nicolás Maduro, with President Trump warning of further action if interim leadership resists.
Additionally, Trivedi highlighted rising tensions between China and Japan after Beijing imposed export controls on items with potential military use. These developments helped support safe-haven demand for bullion.
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