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Silver prices moved on Monday, November 9, as global bullion markets responded to softer crude oil prices, moves in the US dollar, and shifting expectations around the Federal Reserve's interest rate decisions.
Spot silver climbed 2.8% to USD 53.31 per ounce, according to Reuters data reported at 0220 GMT on Monday. The recovery came as lower oil prices eased inflation concerns and reduced some pressure on precious metals.
However, the latest available quote on Investing.com's December 2026 silver futures chart showed the contract at USD 51.970, down USD 0.410, or 0.78%. The platform marked the contract as closed. The difference reflects separate market instruments and quote timings, and the two figures should not be treated as simultaneous prices.
In the domestic market, silver futures were under pressure in the latest early-session data available from The Economic Times.
The MCX silver contract was quoted at Rs. 1,85,011 per kg, declining Rs. 2,129, or 1.14%. The contract had opened at Rs. 1,85,060 per kg and touched a low of Rs. 1,84,800 per kg. It closed at Rs. 1,87,140 per kg.
Meanwhile, the reported domestic spot price stood at Rs. 90,951 per kg.
The difference between domestic futures and international spot prices reflects different market benchmarks and pricing structures. Currency movements, import costs, and domestic market conditions also influence Indian silver rates.
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Crude oil prices have emerged as an important factor influencing precious metal sentiment.
Oil prices declined after US President Donald Trump indicated that further attacks on Iran were highly unlikely as negotiations to end the conflict continued. The development eased concerns about potential supply disruptions and reduced some inflation worries.
Lower energy prices can reduce expectations of prolonged high interest rates, improving the appeal of non-yielding assets such as silver and gold.
The US dollar also softened, making dollar-denominated precious metals relatively cheaper for overseas buyers.
However, expectations of tighter monetary policy remain a concern. Stronger-than-expected US employment data for October and a decline in the unemployment rate to 4.1% have reinforced expectations of another Federal Reserve rate increase in December.
Also Read: US Inflation Expected to Cool in October After Sharp Price Rises
Investors are now awaiting key US economic indicators for clues about the direction of interest rates.
The US Consumer Price Index (CPI) data, scheduled for Tuesday, November 10, and Producer Price Index (PPI) figures due on Friday, November 13, will be closely watched.
Stronger-than-expected inflation readings could strengthen the dollar and increase expectations of higher interest rates, potentially putting pressure on silver.
On the other hand, softer inflation figures could support precious metals by reducing expectations of further monetary tightening.
Silver's near-term movement will likely depend on the dollar, crude oil prices, geopolitical developments, and incoming US economic data.
The metal's recovery in international markets indicates buying interest remains, but volatility across domestic futures and global benchmarks highlights uncertainty about its immediate direction.
For Indian buyers, movements in international silver prices and the rupee-dollar exchange rate will remain important factors in determining domestic rates.
With major US inflation readings approaching, traders are likely to remain cautious. Whether silver can sustain its recovery or face renewed selling pressure will depend largely on how these economic and geopolitical developments unfold.