What is the story about?
Gold, Silver Rate Today: Gold prices on Wednesday (December 10) traded flat as investors across the globe awaited the US Federal Reserve’s rate-cut decision
due tomorrow (as per IST). Silver, meanwhile, surged to a fresh lifetime high, supported by a combination of bullish factors. As of 10:45 am, bullion was trading nearly unchanged, up 0.12 per cent at Rs 1,29,950. Silver prices jumped nearly 1 per cent, or Rs 1,740, to trade at Rs 1,89,804, after touching a fresh record high of Rs 1,90,799 earlier in the session.
Fed outlook key for gold’s next move
Bhavik Patel, Senior Research Analyst at Tradebulls Securities, told ET Now Swadesh that gold would require a very dovish Federal Reserve policy to scale a fresh lifetime high on COMEX.“If gold has to make a fresh lifetime high on COMEX, the Fed policy must be very dovish. Only if the Fed cuts rates aggressively next year will gold hit new highs,” Patel said.
He added that gold is mirroring silver’s strength. “Today’s rate cut is already expected, but the dot plot is crucial — how many cuts in 2026? That will drive the trend,” he said.
Fed decision in focus
The Federal Open Market Committee (FOMC) of the US Federal Reserve, led by Chair Jerome Powell, is expected to announce its rate decision today at 2:00 pm Eastern Time.According to the CME FedWatch tool, investors are betting on a 25-basis-point rate cut. Gold typically strengthens when interest rates fall, as lower yields reduce the opportunity cost of holding non-yielding assets.
Silver at record high on supply deficit, strong demand
Silver hit a record high of Rs 1,90,799 earlier in the session, supported by a tight supply scenario and strong industrial demand. Expectations of a rate cut have added further momentum to the rally.“Yes, there is speculation and froth, but if we look at inventory levels in Shanghai, they are at 2014 lows. Even at CME and LME, inventories are extremely tight. Analysts expect the deficit in 2026 could be double the five-year average,” Patel said.
He added that the recycled silver supply has also slowed. “Earlier, recycled silver used to come into the market, but now even that supply is drying up because prices have risen sharply. Demand is strong, supply is in deficit, and that is why the rally is not stopping,” he said.
Global cues add to silver’s rally
Spot silver surged past the USD 60 mark, hitting an all-time high of USD 61.46 earlier in the session. It extended Tuesday’s breakout above the USD 60 level, driven by depleted inventories and robust industrial demand, Reuters reported.Check city-wise prices
| City | Price/10g (24 Carat) |
| Chennai | 1,29,620 |
| Bangalore | 1,29,650 |
| Hyderabad | 1,29,580 |
| Mumbai | 1,29,570 |
| Kolkata | 1,29,550 |
| Lucknow | 1,29,720 |
| Jaipur | 1,29,620 |
| Delhi | 1,32,150 |
| Noida | 1,29,720 |
| Gurgaon | 1,29,710 |
