Silver near all-time high on strong demand and US Fed rate-cut expectations

Silver prices climbed toward their all-time high on Friday (November 28) in global markets, supported by strong industrial demand, tightening supplies and growing expectations of a US Federal Reserve rate cut next month. Spot silver rose 1.4% to $54.18 per ounce, moving close to its record level of $54.50 an ounce and extending its weekly gain to 7.4% an ounce.

In India, silver prices tracked the global rise and held firm at ₹173 per gram and ₹1.73 lakh per kilogram, reflecting steady interest from both investors and jewellers.

Analysts said the uptrend is being driven by a combination of higher industrial offtake—particularly from solar and electronics—and consistent investment demand.

“Silver’s gains are supported by real, underlying demand rather than speculation,” said Aksha Kamboj, Vice President, India Bullion & Jewellers Association (IBJA).
Expectations of a US rate cut in December have further boosted sentiment.

The CME FedWatch tool shows traders pricing an 87% chance of an easing, up sharply from last week. A weaker US dollar has added to the support, making dollar-priced metals more attractive for global buyers.

According to Rahul Kalantri, VP Commodities at Mehta Equities, silver continues to trade near lifetime highs in international markets. He pegged key levels at $53.10–52.75 an ounce for support and $53.95–54.40 an ounce for resistance.

Analysts expect silver to stay well-supported in the near term as long as industrial demand remains strong and rate-cut expectations hold.

–With Reuters inputs