Silver breaches ₹4 lakh/kg in futures trade; gold hits record highs on global rally
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Silver prices surged to a record high in futures trade on Thursday, breaching the ₹4 lakh per kilogram mark, while gold touched a lifetime high on strong investor demand and firm global cues.
On the Multi Commodity Exchange (MCX), silver futures for March delivery jumped ₹22,090, or 5.73%, to hit an all-time high of ₹4,07,456 per kg. Gold futures also saw sharp buying interest, with the February contract rising ₹14,586, or 8.8%, to a fresh peak of ₹1,80,501 per 10 grams.
The rally mirrored strong gains in overseas markets. On the Comex, gold futures crossed the crucial $5,600 per ounce level for the first time, with the April contract climbing $286.6, or 5.4%, to a record $5,626.8 per ounce. Comex silver futures also scaled a new high of $119.51 per ounce.
Analysts attributed the surge in silver prices to upbeat industrial demand and a weaker US dollar, noting that the white metal has outperformed gold in recent sessions. Persistent safe-haven buying amid economic uncertainty and rising geopolitical tensions has continued to underpin the rally in bullion prices, they said.
So far this year, gold prices have gained more than 27% following a 64% jump in 2025, while silver prices have risen over 60%. Market participants said the rally has been driven by strong safe-haven demand, sustained central bank purchases and dollar weakness.
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Meanwhile, global gold demand crossed 5,000 tonnes to hit a new all-time high in 2025, largely led by investment demand, according to the World Gold Council (WGC). Total demand stood at 5,002 tonnes in 2025, up from 4,961.9 tonnes a year earlier, as investment demand surged to 2,175.3 tonnes from 1,185.4 tonnes in 2024, driven by safe-haven and diversification needs.
Consumer demand rose 2% year-on-year to 1,345.3 tonnes in the October–December quarter, compared with 1,318.5 tonnes in the same period last year. The average global gold price stood at $2,709.7 per ounce in January 2025 on the London Bullion Market Association, up from $2,034 per ounce in January 2024.
The WGC said investment demand, including exchange-traded funds as well as bars and coins, jumped 84% in 2025, supported by elevated geopolitical and geoeconomic risks, US dollar weakness, stretched equity valuations and expectations of lower interest rates, particularly in the December quarter.