Silver prices jumped on September 12, outperforming gold. Future contracts of the precious-industrial metal hit fresh record highs, pushing the shares of MCX and Hindustan Zinc higher into the green.
Silver futures with December expiry hit a fresh all time high of Rs 1,28,612 per kilogram on the Multi Commodity Exchange (MCX) today. Silver contracts with March expiry rose nearly Rs 1,600 (over 1 percent) to hit Rs 1.3 lakh per kilogram for the first time ever.
In the domestic market, the price of silver jumped Rs 2,100 per kilogram in a single day to Rs 1.32 lakh per kg, according to data on Investorgain.
Gold futures on MCX with October expiry meanwhile rose around Rs 575 per 10 grams to trade at Rs 1,09,656. They are currently close to their all-time high level of Rs 1,09,840 per 10 grams.
The US Federal Reserve is set to hold its FOMC meeting from September 16 to September 17. Analysts increasingly expect the American central bank to cut its rates this time, amid weakening jobs data and rising pressure from President Donald Trump's administration.
The US economy likely created 911,000 fewer jobs in the 12 months through March than previously estimated, according to the latest data from Labor Department's Bureau of Labor Statistics. This further hiked rate cut hopes, which in turn boosted precious metals. Firm industrial demand from China also boosted silver prices.
MCX shares jumped more than 2 percent to trade at Rs 7,735 apiece. The stock has so far fallen more than 5 percent in the past one month, but gained nearly 62 percent in the past six months. The stock is up nearly 23 percent in 2025 so far.
The shares of Hindustan Zinc rose more than 3.5 percent to close at Rs 462.05 apiece on the back of a notable surge in silver prices in India. Hindustan Zinc is the largest producer of silver in India, and produces refined silver with a minimum 99.9 percent purity. The sharp rise in the bullion's prices is expected to further boost the stock.
Also read: Our LIVE blog on stock market updates
Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.
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