Huge Surge In Silver Rate Today, Jan 28: Check Prices in Bangalore, Delhi, Hyderabad, Chennai & Ahmedabad

The shine of silver shows no signs of fading as the white metal surged to a fresh record high on January 28. Silver prices have jumped by nearly Rs. 45,000 per kg in just the last three days, pushing rates close to the Rs. 4 lakh per kg mark. This is a historic moment for the bullion market, as silver has delivered an extraordinary 293% rise over the past year, one of the sharpest rallies ever seen in the metal.

While early investors are celebrating hefty gains, the surge has made silver increasingly unaffordable for retail buyers. The metal, once considered a preferred investment and jewellery choice for lower- and middle-income households, is now slipping out of reach for many due to the steep price escalation. One of the big reasons for the rally in silver prices comes amid volatility in global financial markets. The US Dollar Index also fell to its 4-year low, making precious metals more attractive.

The silver rate today jumped significantly across major cities, including Bangalore, Delhi, Hyderabad, Chennai and Ahmedabad, driven by strong global cues, rising safe-haven demand and firm industrial buying.

Silver Rate Today In India

On January 28, silver prices in India surged by Rs. 10000 per kg to cost around Rs. 3,80,000 per kg, while the silver rate per gram hovered near Rs. 380.

Silver Rates In Major Indian Cities

Outlook For Silver Prices

As per Kotak Securities, "the silver outlook remains strongly bullish, driven by a dual-engine rally anchored in monetary debasement and critical mineral scarcity. The brokerage has set a medium-term silver target of $150-160, while the long-term outlook remains much higher, supported by structural trends such as de-dollarisation and de-globalisation."

The report also mentioned, "Three key factors to watch: first, US stock markets, as a sharp crash could trigger forced liquidation in silver, similar to what was seen in April 2025; second, the Shanghai-COMEX silver premium, which is critical given China controls nearly 70% of global silver refining, with a high premium signalling supply tightening, while a collapse below $4-5 could lead to a 15-20% correction, as witnessed in October 2025; and third, the Indian silver ETF premium or discount, where a deep discount reflects retail pessimism and is contrarian bullish, while a sudden premium indicates euphoria and is contrarian bearish. Overall, Kotak Securities notes that gold and silver are no longer merely reacting to inflation but are being repriced amid a global monetary reset, and while volatility will persist, the long-term trend for silver remains decisively higher."

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