As of mid-day on Monday, January 19, the spot price of silver in major Indian cities like Mumbai and Delhi reached ₹3,05,000 per kg. In premium markets like Chennai and Hyderabad, the rate climbed even higher to ₹3,18,000 per kg. On the Multi Commodity Exchange (MCX), March futures touched a lifetime peak of ₹3,01,315, gaining over ₹13,000 in a single trading session.
Why is Silver Skyrocketing?
The rally is a “perfect storm” of geopolitical panic and industrial scarcity:
- The “Greenland Tariff” Shock: The immediate trigger is President Trump’s recent threat to impose 10% to 25% tariffs on eight European allies over the Greenland buyout dispute. This has triggered a massive flight to “safe-haven” assets.
- Industrial “Choke Point”: Silver was added to the U.S. Critical Minerals List in 2025. With its indispensable role in AI data centers, 5G infrastructure, and the massive expansion of solar energy, the world is facing a structural supply deficit that mine production cannot meet.
- Global Spot Prices: International silver is nearing the $100 per ounce psychological barrier, trading around $94–$95 on COMEX, a level unthinkable just two years ago.
- Currency Devaluation: With the Indian Rupee sliding toward 91 per USD, the “landed cost” of imported silver in India has naturally inflated, pushing domestic prices higher than global averages.
Performance Comparison: Jan 1 – Jan 19, 2026
Silver has fundamentally decoupled from gold in terms of growth velocity this year.
| Asset | Jan 1, 2026 Price | Jan 19, 2026 Price | YTD Return (%) |
| Silver (per kg) | ₹2,38,000 | ₹3,05,000 | +28.2% |
| Gold (per 10g) | ₹1,32,941 | ₹1,45,590 | +9.5% |
| Nifty 50 | 25,900 | 25,694 | -0.8% |
City-Wise Silver Rates (Jan 19, 2026)
| City | Price per 1 Kg | Price per 100 Grams |
| Chennai / Hyderabad | ₹3,18,000 | ₹31,800 |
| Mumbai / Delhi | ₹3,05,000 | ₹30,500 |
| Bangalore / Kolkata | ₹3,05,000 | ₹30,500 |
| Ahmedabad / Pune | ₹3,05,000 | ₹30,500 |
Analyst Outlook: Is the Top In?
While the ₹3 lakh mark is a major psychological barrier, many commodity experts suggest the rally is not over.
- The “Dip” Strategy: Analysts at Anand Rathi suggest that any correction toward the ₹2,85,000 zone should be viewed as a buying opportunity, as the fundamental supply deficit remains unresolved.
- The $100 Target: If international spot silver clears $100, domestic prices in India could realistically target ₹3,25,000 to ₹3,50,000 before the end of Q1 2026.
