Hindustan Zinc Shares Surge Over 6% as Silver Prices Hit Fresh Record Highs

. (HZL) shares soared more than 6% in morning trade on January 14, 2026, reaching an intraday high of Rs 669.75 per share. This marks the continuation of a strong rally, with the stock extending gains for the fourth straight session amid a sharp surge in silver prices. The rally in Hindustan Zinc, one of the world's leading integrated producers of zinc and a major silver producer, is closely tied to the precious metal's performance. Silver futures on the Multi Commodity Exchange (MCX) jumped around 5%, crossing the Rs 2.87 lakh per kg mark to touch a new all-time high of Rs 2,87,990 per kg. Longer-dated contracts also hit lifetime peaks, with May 2026 expiry reaching Rs 2,94,503 per kg and July 2026 at Rs 3,01,383 per kg. This explosive rise in silver comes on the back of softer-than-expected US inflation data for December 2025, which fueled expectations of further interest rate cuts by the Federal Reserve. The US core Consumer Price Index (CPI) rose 0.2% month-on-month and 2.6% year-on-year—below analysts' forecasts of 0.3% and 2.7%, respectively. Lower inflation readings boosted demand for precious metals like silver as a hedge, while also supporting industrial demand amid global economic optimism. Silver's dual role as both a precious metal and an industrial commodity (used in solar panels, electronics, and EVs) has driven its supercycle rally in recent months. The surge has also pushed silver ETFs in India to record highs, with many funds gaining up to 5% in tandem with the underlying metal.