Market Performance: Silver Breaks All-Time Highs
The silver rate today surged sharply on Wednesday, December 17, pushing prices to record levels across both domestic and global markets. Strong momentum in precious metals drove silver higher, while gold showed a relatively muted move.
On the Multi Commodity Exchange, MCX silver jumped over 4%, extending a strong breakout rally that has been building over recent sessions. The rally marked a historic moment for the metal, with prices crossing key psychological milestones.
At around 9:20 am, the silver price today on MCX was trading 3.38% higher at ₹2,04,445 per kg, touching a lifetime high. This move placed silver above ₹2 lakh per kg for the first time.
Main News: Global Silver Crosses $65 for First Time
The rally was not limited to domestic markets. In global trade, spot silver climbed to an all-time high of $65.63 per ounce, marking the first-ever instance of silver crossing $65.
This sharp rise reflected heightened demand for precious metals amid shifting global cues.
At the same time:
- Spot gold edged 0.4% higher to $4,321.56 per ounce
- MCX gold (February) slipped 0.21% to ₹1,34,129 per 10 grams
The divergence highlighted silver’s stronger momentum compared to gold during the session.
Key Triggers Behind the Silver Rally
Multiple global factors contributed to the sharp rise in silver price today.
One of the major drivers was fresh economic data from the US. Recent figures showed the unemployment rate rising to 4.6% in November, reinforcing expectations of monetary easing. This weighed on the US dollar and supported demand for non-yielding assets such as precious metals.
Additionally, the dollar index hovered near a two-month low, making dollar-priced commodities like silver more attractive to overseas buyers.
Geopolitical Developments Add to Momentum
Geopolitical tensions also played a role in boosting safe-haven demand. During the session, developments linked to Venezuela added to market uncertainty.
US authorities ordered a blockade on sanctioned oil tankers moving in and out of Venezuela, increasing pressure amid heightened regional activity. This escalation supported risk-averse positioning, adding further momentum to the ongoing rally in silver.
Silver vs Gold: A Clear Divergence
While silver at a record high dominated market attention, gold remained relatively range-bound.
- Silver MCX: Up over 4%, at a lifetime high
- Gold MCX: Down 0.21% during early trade
This contrast highlighted how silver outperformed gold during the session, driven by stronger global participation and pricing momentum.
Summary: Silver Takes the Spotlight
The silver rate today touched record highs as domestic and global prices surged in tandem. MCX silver crossed ₹2 lakh per kg, while spot silver crossed $65 per ounce for the first time ever.
Weaker US labour data, a softer dollar, and rising geopolitical tensions combined to lift demand for precious metals. While gold price today showed limited movement, silver clearly led the rally, marking a standout session in the commodity markets and reinforcing silver’s growing presence in global price action.
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