Silver prices retreated sharply on Wednesday after hitting a record high of ₹2,59,692 per kg in the futures trade, as traders booked profits after a steep rally amid caution ahead of key US economic data.
On the Multi Commodity Exchange (MCX), silver futures for March delivery ended the four-day rally, plunging ₹4,161, or 1.61%, to ₹2,54,650 per kilogram. In the morning session, the metal rose ₹881, or 0.34%, to touch a new record of ₹2,59,692 per kg.
The metal had skyrocketed by ₹13,167, or 5.35%, on Tuesday, to a new peak of ₹2,59,322 per kg before settling at ₹2,58,811 per kg. On Monday, it had closed at ₹2,46,155 per kg.
1 January 2026
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Meanwhile, gold futures showed limited movement. The yellow precious metal for February contract declined ₹633, or 0.46%, to ₹1,38,450 per 10 grams, reflecting mild-profit booking after strong gains in recent sessions.
In the international market, Comex silver futures were trading lower by $1.41, or 1.74%, to $79.63 per ounce, after rising as much as 1.91% to hover near a record at $82.58 per ounce.
The white metal had touched an lifetime high of $ 82.67 per ounce on December 29.
Gold futures for February delivery slipped by $21, or 0.47%, to $4,475.10 per ounce in the overseas trade, consolidating near its record levels.
"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," Jigar Trivedi, Senior Research Analyst at Reliance Securities, said.
Market participants are awaiting key economic releases include the December jobs report due on Friday, which could provide further clues on the Federal Reserve's (Fed) monetary policy outlook, he added.
Meanwhile, FOMC member Neel Kashkari noted that rising unemployment could increase the likelihood of rate reductions, with traders pricing in two cuts this year.
On the geopolitical front, risks continued to underpin sentiment. Trivedi said tensions remain elevated after the US captured Venezuela President Nicolás Maduro, with US President Donald Trump warning of further action if the interim leadership resists Washington's oversight.
Trivedi added that tensions rose between China and Japan after Beijing imposed export controls on items with potential military use, bolstering safe-haven demand for bullion.
