“White metal”, in reality, has been heading ahead of yellow with silver futures on the Multi Commodity Exchange (MCX) showing today's jump over 5% to the highest level around ₹4,07,456 per kg to date.
Silver Rates in City (Jan 29, 2026)
Despite the jump in the futures trade of ₹4.07 lakh, retail (spot) prices in several south metros experienced even more growth owing to local tax and huge demand.
| City | Silver Rate (per Kg) | Daily Change |
| Chennai | ₹4,25,000 | ▲ ₹15,000 |
| Hyderabad | ₹4,25,000 | ▲ ₹15,000 |
| Bengaluru | ₹4,10,000 | ▲ ₹10,000 |
| Mumbai | ₹4,10,000 | ▲ ₹10,000 |
| Delhi | ₹4,10,000 | ▲ ₹10,000 |
| Kolkata | ₹4,10,000 | ▲ ₹10,000 |
What is Driving the Surge?
The analysis of silver suggests its 170 percent return over the last year isn’t just the result of a speculative bubble but an accumulation of three big catalysts:
- Geo-Political Safe-Haven: Growing tensions in the Middle East and resurgent trade friction between the US and the EU (involving Greenland and potential tariffs) have pulled investors toward precious metals.
- Industrial Star: Silver is critical to the global energy transition, unlike gold. Interest for silver in solar panels and electric vehicles (EVs) as well as in artificial intelligence data centers is at an age-old high and total output in mining worldwide is very low.
- Fed Policy & Dollar Weakness: Recently, the US Federal Reserve paused interest rates at their current plateau (3.5%–3.75%). This has left the US Dollar weakened in value, making dollar-denominated silver cheaper for international buyers, raising the price of silver in India.
The "Gold-Silver" Ratio
Gold historically costs far more than silver. But the Gold-to-Silver ratio has recently fallen to 50, the smallest since 2012. This means at present, silver is growing faster than gold -- and will in 2026 be the asset of choice for the investor.
Expert Warning for Buyers
While the bull run is strong, market analysts at Goodreturns and MCX point out that silver is notoriously volatile. “For just January 2026 alone, silver has jumped 60 percent,” one analyst said. “There is strong long term green-tech demand however profit bookings in the short term could lead to precipitous declines.”
