Silver crosses ₹2 lakh/kg in Hyderabad as rupee slides, gold nears ₹1.32 lakh/10g

Silver prices in Hyderabad surged past the ₹2 lakh per kilogram mark on Wednesday, setting a new all-time high, while gold traded near ₹1.32 lakh per 10 grams. The sharp rise in precious metals comes amid a steep fall in the rupee and strong global cues supporting bullion.

On the Multi Commodity Exchange (MCX), silver futures for March 2026 delivery jumped ₹3,126, or 1.72 per cent, to reach a lifetime high of ₹1,84,727 per kilogram. Gold futures for the February 2026 contract advanced by ₹1,007, or 0.78 per cent, to ₹1,30,766 per 10 grams. Analysts said the weaker rupee amplified the surge in bullion prices as persistent dollar demand from banks and foreign fund outflows weighed on sentiment.

Global trends further strengthened the rally. Gold and silver futures rose amid mounting expectations of an interest rate cut by the US Federal Reserve next week. On Comex, December gold climbed USD 29.3, or 0.7 per cent, to USD 4,215.9 per ounce, while February 2026 gold rose USD 39.3, or 0.93 per cent, to USD 4,260.1 per ounce.

“Gold moved back towards a six-week high, supported by ongoing expectations of further monetary easing from the Fed,” said Jigar Trivedi, Senior Research Analyst at Reliance Securities. Rahul Kalantri, Vice-President of Commodities at Mehta Equities, noted that recent US data indicated mild economic softness, raising the probability of a Fed rate cut to nearly 90 per cent. Speculation about Kevin Hassett potentially replacing Jerome Powell as Fed chair also added a dovish tone.

Comex silver for December delivery climbed 1.6 per cent to USD 58.90 per ounce, while March contracts touched USD 59.65 per ounce. Market participants are now awaiting the ADP employment report and delayed September Personal Consumption Expenditures (PCE) inflation data for further cues on monetary policy.

In Hyderabad, the retail prices reflect the historic highs seen in global and national markets. Silver is trading at ₹2,01,000 per kilogram, while 24-karat gold is around ₹1.32 lakh per 10 grams. The surge highlights strong investor interest in precious metals amid currency volatility and expectations of global monetary easing.