Silver prices decreased marginally by 0.17% to close at Rs 1,47,069, as investors assessed the impact of stronger-than-anticipated U.S. employment data on prospective Federal Reserve policy. The report indicated a 42,000-job increase in October, surpassing the anticipated 28,000, which moderates expectations for further rate reductions. The current U.S. government shutdown, which has reached a historic duration, has compelled policymakers to depend on private data for evaluating economic conditions.
In light of the Fed’s recent rate cut, Chair Jerome Powell suggested that this may be the final reduction for 2025. On the global front, liquidity in the London silver market has shown improvement, as shipments from the U.S. and China have alleviated recent supply constraints. As of the end of September, London vaults contained 24,581 tons of silver, with a valuation of $36.5 billion. Investment sentiment remained robust, as silver ETPs experienced net inflows of 95 million ounces during the first half of 2025, elevating global holdings to 1.13 billion ounces—merely 7% shy of the record peak observed in 2021.
The Silver Institute anticipates a 21% reduction in the global deficit, forecasting it to reach 117.6 million ounces this year, a trend attributed to consistent industrial demand and enhanced supply conditions. Retail investment in India exhibits resilience, reflecting a 7% annual increase, whereas Europe is experiencing a gradual recovery.
From a technical perspective, the market is experiencing long liquidation, evidenced by a 3.02% decline in open interest to 19,651, alongside a price decrease of Rs 252. Immediate support is positioned at Rs 1,45,740, with further support below at Rs 1,44,405. Resistance is anticipated around Rs 1,48,725; a breakout above this level could drive prices toward Rs 1,50,375.