Silver Surges Toward Record Highs As Rates Ease And Physical Tightness Bites

Key Points

• Silver traded near $63.3 an ounce Monday morning, up about 2%, after a $61.6–$63.4 range.
• The past week brought a breakout from the high-$50s, a record-area push, and a sharp December 12 shakeout.
• ETF demand stayed strong, COMEX positioning remained heavy, and China and India signaled firm physical pull.

Silver began the new week near $63.3 an ounce, holding most of a rapid early-December repricing. The rally’s core arc has been momentum: a climb out of the high-$50s, a decisive move through $60, then volatility near record levels.

Macro tailwinds returned overnight. A softer dollar and lower U.S. yields supported non-yielding metals, with the Fed’s recent rate cut still shaping rate expectations. Gold remained elevated near $4,344 an ounce, keeping the gold-silver ratio in the high-60s.

Silver’s industrial identity has reinforced the bid. Demand tied to solar, electronics, EV supply chains, and data-center buildouts has kept buyers engaged even during pullbacks.

Supply and politics added edge. Talk of multi-year deficits has intensified, and tariff uncertainty has encouraged precautionary behavior in the physical market.

Silver Market Shows Strength Amid Volatility

In China, reports of localized shortages have contrasted with visible U.S. stocks, keeping cross-market flows active. In India, domestic pricing stayed hot, with MCX silver cited around ₹197,150 per kilogram.

Financial demand has been visible in headline vehicles. The iShares Silver Trust held about 16,102.9 tonnes, and recent share volume has run in the tens of millions.

One notable daily inflow was about $158.8 million on December 9. On COMEX, open interest was reported near 165,805 contracts, up from the prior week.

Technicals now show strength with fatigue. The daily chart keeps RSI in the low-to-mid 70s and MACD positive. The 4-hour view is cooling, with RSI near the low 60s and a negative MACD histogram.

Resistance sits near $64.65–$64.67, while support clusters around $62 and $60. Analysts have said there is “a lot of momentum behind it right now.”

ANZ flagged India’s pension-rule change allowing investment in gold and silver ETFs as a potential new demand channel. The message is clear: markets reward predictable rules and punish ideological experimentation.

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