Silver surged to a fresh all-time high amid rising expectations of further U.S. Federal Reserve rate cuts. Silver rose to $53.9/oz. Chinese silver inventories have dropped to their lowest levels in a decade, prompting substantial exports to London to ease supply tightness. This follows October’s record Chinese silver exports exceeding 660 tonnes.

The price of silver in India today  touched Rs 1,76,000 per kg. On the MCX, March 2026 silver futures gained Rs. 1,478 (0.91%) to Rs. 1,63,945/kg, while December silver futures rose Rs.1,517 (0.91%) to Rs.1,67,504/kg.

Markets now anticipate three additional Fed cuts before end-2026, with the probability of a 25-bps cut in December jumping to 85%, up sharply from about 30% a week earlier. Hedging activity has intensified across swaptions and overnight-rate-linked derivatives as traders navigate mixed Fed signals.

Silver ended the session close to a two-week high as delayed US economic data boosted expectations of a December Fed rate cut. September retail sales grew just 0.2%, signalling softer consumer demand, while PPI figures aligned with expectations. Recent dovish remarks from Fed officials have further pushed market pricing for a 25 bps cut to over 80%.