Key Takeaways
- January 24: Silver touched ₹380+ per gram, hitting a weekly high
- January 26 Update: Silver now at ₹397.73/gram – rally continues!
- Global COMEX prices surged past $103/oz mark
- Rupee weakness against USD amplified gains
- Strong buying interest from industrial and retail sectors
- Total rally since Jan 23: +4.65% in just 3 days
What Happened Today?
Silver prices in India surged to their highest level this week on January 24, 2026. The precious metal crossed the ₹380 per gram mark in major cities, registering gains of over 8% in the last 24 hours.
This rally comes amid a perfect storm of favorable conditions:
- Strong global demand pushing COMEX prices higher
- Weaker Indian Rupee making imports costlier
- Industrial buying ahead of budget expectations
- Safe-haven flows amid global uncertainty
Price Snapshot
| Metric | Value | Change |
|---|---|---|
| Silver per Gram | ₹380+ | ↑ 8.49% |
| Silver per Kg | ₹3,80,000+ | ↑ ₹29,000+ |
| COMEX (USD/oz) | $103.26 | ↑ 5.2% |
| USD/INR | ₹91.86 | ↑ 0.3% |
Check the live price widget below for real-time updates.
Why Did Silver Prices Rise Today?
1. Global COMEX Rally
International silver prices on COMEX surged past the $103 per ounce level – a significant psychological barrier. This rally was driven by:
- Increased ETF inflows into silver-backed funds
- Industrial demand from solar panel manufacturers
- Speculative buying ahead of US Fed meeting
The COMEX price directly impacts Indian rates since India imports over 90% of its silver requirements.
2. Rupee Depreciation
The Indian Rupee weakened to ₹91.86 per USD, making silver imports more expensive. Every 1% fall in the Rupee typically adds 1% to domestic silver prices.
Why the Rupee weakened:
- Foreign institutional investors (FIIs) pulling out equity investments
- Rising crude oil prices increasing import bills
- Dollar strength ahead of Federal Reserve announcements
3. Pre-Budget Industrial Buying
With Union Budget 2026 just around the corner, industrial buyers are stockpiling silver anticipating potential:
- Import duty changes on precious metals
- GST modifications affecting jewelry sector
- Solar energy incentives boosting industrial demand
Read our Budget 2026 impact analysis →
4. Technical Breakout
Silver broke above the key resistance level of ₹375/gram, triggering:
- Stop-loss hunting pushing prices higher
- Momentum buying from technical traders
- Short covering by bears caught off-guard
City-Wise Price Comparison
Silver prices vary slightly across Indian cities due to local taxes and transportation costs:
| City | Price/Gram | Price/10g |
|---|---|---|
| Mumbai | ₹380.08 | ₹3,800 |
| Delhi | ₹380.28 | ₹3,803 |
| Chennai | ₹380.88 | ₹3,809 |
| Kolkata | ₹380.78 | ₹3,808 |
| Bangalore | ₹380.68 | ₹3,807 |
What Should Investors Do?
If You're Looking to Buy
- Wait for pullback: After a 8%+ rally, some profit-booking is likely
- Don't chase prices: Buying at weekly highs increases risk
- Consider SIP approach: Spread purchases over time
- Use our calculator: Calculate exact costs →
If You're Holding Silver
- Review your targets: Is it time to book partial profits?
- Check breakeven: Use our break-even calculator →
- Hold for long-term: If your horizon is 3+ years, short-term volatility matters less
If You're Planning to Sell
- Today might be good: Weekly highs offer favorable exit
- Compare buyback rates: Check multiple jewelers
- Keep documentation: Original invoice speeds up selling
Expert Opinion
"Silver's rally today is fundamentally driven by global industrial demand, especially from the solar energy sector. While the pace is aggressive, the underlying trend remains bullish for 2026."
— SilverInfo Research Team
What's Next for Silver Prices?
Short-Term (1-2 Weeks)
- Consolidation likely: Markets may cool after sharp rally
- Budget announcement: Key trigger on February 1
- Global factors: US Fed meeting outcomes
Medium-Term (1-3 Months)
- Wedding season demand: Peaks in Feb-March
- Industrial buying: Solar sector remains strong
- Range-bound trading: ₹350-400/gram expected
Related Tools
Use these tools to make informed decisions:
| Tool | Purpose |
|---|---|
| Silver Calculator | Calculate purchase cost with GST |
| Investment Calculator | Track your profit/loss |
| Break-Even Calculator | Find your break-even price |
| Live Dashboard | Real-time prices & charts |
Bottom Line
Today's silver price surge to weekly highs is driven by a combination of strong global demand, rupee weakness, and pre-budget buying. While the rally is impressive, investors should avoid chasing prices at peaks.
Key Actions:
- ✅ Check live prices before any transaction
- ✅ Use calculators to estimate costs
- ✅ Wait for pullback if planning fresh purchases
- ✅ Consider booking partial profits if holding
Originally published: January 24, 2026. Last updated: January 26, 2026. Silver has since rallied to ₹397.73/gram. See our Republic Day analysis for the latest.