MCX silver surges to fresh record high above ₹2.05 lakh/kg; international price crosses $66/ounce

In the international market, Comex silver (for January) jumped to a fresh record high, crossing the $66 per troy ounce mark.

Similarly, white metal contracts for the May expiry gained by ₹8,148 or 4.06% to an all-time high of ₹2,08,796 per kilogram.

On the MCX, gold futures for February delivery advanced as much as ₹283 or 0.21% to ₹1,34,692 per 10 grams. Yellow metal contracts for the April expiry stood at ₹1,37,703 per 10 grams, up by ₹293 or 0.21%, at around 11:08 am.

Globally, Comex gold futures were trading 0.71% higher at $4,345.90 per ounce.

The delayed US non-farm payroll data, released by the US Bureau of Labor Statistics for November, showed that the unemployment rate increased to 4.6% during the month, touching a four-year high. However, the country added 64,000 jobs in November, according to the report.

During December’s Fed rate meeting, the FOMC (Federal Open Market Committee) decided to cut the repo rate by 25 basis points (bps) for the third consecutive time, bringing the rate down to the range of 3.50% to 3.75%.

Federal Reserve Chair Jerome Powell, however, hinted that the committee may leave the rates unchanged in the coming months.

Speaking to reporters, Powell said, "We are well-positioned to wait to see how the economy evolves." He said that the key rate was close to the level that neither restricts nor stimulates the economy. The Fed's economic projections signalled one rate cut next year.

Furthermore, silver prices have also rallied due to supply constraints and an increase in industrial demand.