Mumbai, India, January 29, 2026
Silver prices in India have shattered previous records, with futures trading crossing the ₹4 lakh per kilogram mark for the first time, while gold continued its upward trajectory amid strong global and domestic demand.
On the Multi Commodity Exchange (MCX), silver futures reached ₹4,10,000 per kg during trading. Spot silver internationally touched a new all-time high of $119.34 per ounce before settling around $118.06, reflecting significant weekly gains.
Gold also posted sharp increases. In Delhi’s bullion market, 99.9% purity gold climbed ₹5,000 to reach ₹1,71,000 per 10 grams on Wednesday. MCX gold futures closed at ₹1,66,355 per 10 grams the previous day.
Globally, spot gold rose 2.1% to $5,511.79 per ounce, having hit a record $5,591.61. Gold has gained over 10% this week, crossing the $5,000 per ounce milestone earlier.
Several factors contributed to the rally. The U.S. Federal Reserve maintained interest rates, with Chair Jerome Powell noting inflation remains above the 2% target, prompting safe-haven flows into precious metals.
Heightened U.S.-Iran tensions, following statements from President Donald Trump on nuclear talks and potential military action, further boosted demand. Iran’s response warning of retaliation added to geopolitical uncertainty.
A weaker U.S. dollar supported higher precious metal prices. Reports of crypto firm Tether planning to allocate 10-15% of its portfolio to physical gold provided additional bullish sentiment.
Silver’s outperformance was attributed to its relative affordability compared to gold, supply constraints, and robust industrial and investment buying, with year-to-date gains exceeding 60%.
Analysts indicate continued upward potential if current trends persist.
