CHENNAI, TAMIL NADU, 30/04/2025 : People at a jewellery shop in T Nagar, in Chennai on Wednesday, for Akshaya Tritiya. Photo: R. Ravindran.
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RAVINDRAN R
Silver exceeded $72 an ounce on Wednesday, even as platinum surged past $2,350. Palladium shed its gains, while gold hovered near $4,500 an ounce after topping the mark in early trade.
The precious metals complex gained further as escalating tensions over Venezuela added to the market worries, apart from fears of further US Fed rate cuts and lack of confidence in the dollar.
US President Donald Trump announced that Washington will impose a blockade on sanctioned oil tankers entering and leaving Venezuela. This puts at risk around 600,000 barrels a day of oil exports, the majority of which goes to China.
Silver stressed
Trump is also putting pressure on Venezuelan President Nicolas Maduro amid a build-up of defence forces. US inflation data, due on Thursday, too, kept the market ticking higher as it could result in further easing of Fed rates. Traders expect less than 0.25 per cent Fed cut in January.
The precious metal market is now seeing silver, platinum and palladium move higher as gold has turned pricey. Traders say silver is also under stress as the physical shortage is being felt more acutely now, particularly concerning delivery from London.
This week, platinum, in particular, saw prices rising by about 20 per cent to cross the $2,350-an-ounce mark from $1,975 during the weekend. However, it has turned volatile after reaching the milestone.
As of 1930 hours IST, gold ruled at $4,486.70 an ounce. Gold futures on COMEX, expiring in February, were $4,516 an ounce. On MCX, gold February contracts ended the first session at ₹1,38,225 per 10 gm. In the Mumbai spot market, gold ended at ₹1,36,627 per 10 gm. Gold has gained ₹4,000 in the past week.
Silver at $100/oz?
Silver climbed to $72.05 an ounce, and futures on COMEX, due for delivery in March, were quoted at $72.05. However, in the Shanghai Futures Exchange, silver futures rose to $78.49 an ounce (17,714 Chinese yuan). On MCX, silver March contracts ruled at ₹223,667 a kg. In the Mumbai spot market, it closed at ₹218,983 a kg. Silver has gained over ₹18,000 a kg over the past week.
On social media, industry experts said silver could soar to $100 an ounce. Silver’s market cap exceeded that of Apple Inc at $4.070 trillion. It will likely top Nvidia soon, whose market cap is $4.606 trillion.
Platinum soared to $2,377 an ounce before easing to $2,355 an ounce. Palladium, which rose to a three-year high of $1,932.7 an ounce on Tuesday, retracted to $1,835.
Platinum has gained over 160 per cent this year, while silver has increased by 150 per cent. Palladium has increased by 123 per cent and gold over 71 per cent.
Outlook positive
Renisha Chainani, head of research at Augmont, said, “I think it’s time to book profits in silver, as the rally seems overdone. We can see a price retracement up to $68 (~₹210,000). But, if silver continues its bullish momentum, the next target is $75 (₹235,000).”
ING Think, the financial and economic analysis wing of Dutch multinational financial firm ING, said it was positive on its gold outlook, with macro tailwinds and fundamentals pointing to further upside next year.
“We expect gold prices to reach new record highs in 2026. The downside should be limited, as any weakness will likely attract renewed interest from both retail and institutional buyers,” it said.
On silver, it said the investor appetite remained strong, as silver-backed ETFs continue to attract inflows.
“The outlook remains constructive into 2026, supported by robust industrial demand from solar PV installations and battery technologies, alongside sustained investment flows,” said ING Think.
Meanwhile, ICICI said it was changing its gold exchange-traded fund benchmark from the London Bullion Market Association (LBMA) AM fixing price to domestic prices.
Published on December 24, 2025
