The domestic futures price of gold on MCX closed the Friday session at Rs 1,37,838 per 10 grams of 24-Carat purity, up 0.04 percent from its previous close.
So far in 2025, silver outshone gold, propelled by its designation as a critical U.S. mineral, supply constraints, and low inventories amid rising industrial and investment demand.
March silver futures surged to an intraday high of $82.67 an ounce in early trade, marking a further 7% rise on top of an 11% jump on Friday, which was the strongest single-day gain since 2008
Investors have piled into copper in December on speculation that huge flows of metal to the US will leave the rest of the world short next year.
Though trading activity will remain subdued next week, with only a few key economic releases lined up, including November's pending home sales and meeting minutes from December's Federal Open Market Committee on Tuesday, which will steer bullion prices.
Attention will be on the FOMC meeting minutes and weekly US jobless claims.
Frictions in Venezuela, where the US has blockaded oil tankers and ramped up pressure on the government of Nicolás Maduro, have added to the precious metal’s haven appeal.
Currently, silver sits at a market capitalisation of $4.220 trillion, just 8.1 percent behind NVIDIA at $4.592 trillion.
Analyst predicts that silver is vulnerable to tactical profit booking in the near term as prices have rallied sharply and are trading well above medium-term averages, which typically invites consolidation.
The war between Israel and Iran, as well as rising tensions between the United States and Venezuela, have boosted safe-haven flows into gold, says analyst
The estimate draws on transaction data released for the first time by the National Payments Corporation of India (NPCI), which tracks UPI-based digital gold purchases.
After the fund hit its upward limit of 10% for three straight days this week, UBS SDIC Fund Management Co. tightened the rules on Wednesday evening.
Technical indicators supported the selling. Gold’s 14-day relative strength index was in overbought territory Wednesday, a warning that the price could be due for a pause or pullback.
Silver is closing 2025 firmly in macro-hedge territory rather than trading as a conventional commodity, says analyst.
This rally is expected to extend further towards $4,575 (Rs 1,40,000) and $5,000 (Rs 1,50,000) in a few weeks, says analyst.
The metal rose for a 10th straight session — its longest winning streak since 2017 — and has advanced more than 150% this year, the biggest annual gain since Bloomberg began compiling data in 1987.
Mining disruptions and limited current silver inventories are causing severe supply shortfalls, driving prices higher, says analyst.
‘The rally is being driven by strong expectations of a US rate cut and continued central bank buying, which is keeping bullish sentiment firmly intact,’ says analyst.
The metal that’s crucial for the energy transition has powered higher in recent months as growing concerns about tightening global supply have outweighed a slowdown in demand.
Bullion climbed more than 1.5% to surpass the previous record of $4,381 an ounce set in October.
The rally has been driven by a powerful mix of global rate cuts, rising liquidity, a softer dollar, and structurally strong industrial demand, says an analyst.
Gold has made its biggest jump since the 1979 oil crisis in 2025, with prices doubling in the last two years.
Silver has been buoyed by speculative inflows and lingering supply tightness after a historic short squeeze in October.
With the upcoming holiday week likely to see thinner trading volumes, price action may be subdued.
While silver has taken the spotlight recently, the broader setup indicates that gold may be preparing for a catch-up phase, supported by both fundamentals and technical indicators.