In an iconic move for the Indian bullion market, the prices of silver have broken all all-time records to reach the historic ₹3,00,000 per kg mark on Monday, Jan 19, 2026. The unprecedented surge is paired with a huge rush for gold which surged to a new, never-before-seen high on the Multi Commodity Exchange (MCX) on a backdrop of global economic uncertainty and the rupee taking a hit.
The Silver Surge: A Mark-Shattering Moment
For the first time in history, the price of silver has soared over three lakhs domestically. The futures of silver for March delivery on the MCX jumped by more than 4%, trading at ₹3,02,450 a kg. Analysts have attributed this meteoric ascent to a “perfect storm” of industrial demand for green energy technologies and a deficit in global mines supply. Industry experts say that demand for silver from the semiconductor and solar panel sectors has outstripped supply, causing a frenzy among institutional investors.
Gold Hits New Peaks
Not to be outdone, gold prices have hit even new highs. On the MCX, gold futures soared to ₹92,500 per 10 grams, up sharply from a week ago. The yellow metal rally is also supported by a “flight to safety” as investors respond to the tragic rail disaster in Spain and persistent geopolitical tensions in the Middle East.
City-Wise Rates (Expected as of Jan 19, 2026)
Retail silver (by kg) prices differ in key Indian cities as a result of local taxes, octroi, and making charges:
| City | Silver Price (per kg) | Gold Price (24K/10g) |
| Bengaluru | ₹3,05,500 | ₹93,100 |
| Chennai | ₹3,10,000 | ₹93,600 |
| Mumbai | ₹3,02,000 | ₹92,800 |
| Delhi | ₹3,03,500 | ₹92,950 |
| Hyderabad | ₹3,10,000 | ₹93,500 |
Market Outlook
It seems to me that the bullish trend in our book will have a temporary run. “Break the psychological barrier of ₹3 lakh and we will find ourselves in a speculative buying cycle again,” a lead analyst at one of the best brokerages says. “But wedding retail buyers are going to get heavy demands on these price points.” Investors should be careful to pay attention to the upcoming Federal Reserve meeting notes and the direction for the US Dollar index, which will dictate the next leg of this record-making rally.
