Silver neared its all-time high at $54.18 per ounce, driven by strong industrial demand, supply constraints, and US rate cut hopes, with India prices steady at ₹1.73 lakh per kilogram.

Silver prices climbed toward their all-time high on Friday (November 28) in global markets, supported by strong industrial demand, tightening supplies and growing expectations of a US Federal Reserve rate cut next month. Spot silver rose 1.4% to $54.18 per ounce, moving close to its record level of $54.50 an ounce and extending its weekly gain to 7.4% an ounce.

In India, silver prices tracked the global rise and held firm at ₹173 per gram and ₹1.73 lakh per kilogram, reflecting steady interest from both investors and jewellers.

Analysts said the uptrend is being driven by a combination of higher industrial offtake—particularly from solar and electronics—and consistent investment demand

Expectations of a US rate cut in December have further boosted sentiment.

The CME FedWatch tool shows traders pricing an 87% chance of an easing, up sharply from last week. A weaker US dollar has added to the support, making dollar-priced metals more attractive for global buyers.

Silver’s gains are supported by real, underlying demand rather than speculation