Silver Rate In India Breaches Rs 4 Lakh First Time Ever, 73% Returns In 29 Days; Bears Vs Bulls, What's Ahead

Silver rate in India has just created a new mind-boggling history by crossing the Rs 4 lakh mark for the first time ever on January 29. This performance comes ahead of the big Union Budget 2026 scheduled on February 1st, which is expected to announce measures that boost consumption and savings for the common man. Silver has been a long-standing safe haven asset amidst uncertain macro conditions.

Riding on the back of bulls, the silver rate hits the Rs 4.10 lakh mark in India, including the majority of metro cities like Mumbai, Kolkata, Delhi, Bangalore, Pune, Ahmedabad, and others. But in some cities like Chennai, Hyderabad and Kerala, silver has skyrocketed to hit Rs 4.25 lakh mark, which is most expensive in the country.

What Is Impacting Silver Prices In India?

At home, silver's performance is tracking international spot silver price surged to hit $119.40, its new all-time high. The reason behind the strong demand for silver is due to fragile global economic conditions that has been fueled due to geopolitical and trade risks.

On an expected line, US Federal Reserve has kept interest rates unchanged to 3.5% to 3.75%. Following this investors flocked for precious metals despite a rebound in US dollar. In general terms, a rising dollar makes precious metals less attractive. But gold and silver have both defied these trends, shooting up to levels that has never been seen before.

On the geopolitical front, as per Trading Economics data, risks remained elevated, from Middle East tensions to global trade frictions, with renewed protectionist rhetoric ahead of the U.S. election fueling concerns over tariffs, supply-chain disruptions, and inflationary pressures.

Sentiment was further weighed by fears of a potential government shutdown that could delay key data releases. Meanwhile, robust industrial demand from renewable energy and electronics continued to tighten supply, reinforcing silver's upward momentum despite the Fed's cautious stance, it explained.

Silver Rates In India:

1Kg silver price jumped by a whopping Rs 30,000 to hit a new historic high of Rs 4.10 lakh. Meanwhile, 100 grams and 10 grams silver rates surged by Rs 3,000 and Rs 300 to Rs 41,000 and Rs 4,100. Also, 8 grams silver is at Rs 3,280, up by Rs 240. Notably, the cheapest silver price is at Rs 410 per 1 gram, which edged higher by Rs 30.

Silver has recorded nearly 72.3% growth in January 2026 alone.

MCX Silver Price:

MCX silver futures with February 2026 expiry, hit a new all-time high of Rs 4,20,934 per 1Kg. At the time of writing, this silver gained by over 6.3% or Rs 24,820 to trade at Rs 4,16,556 per 1Kg.

Meanwhile, MCX silver futures with March 2026 expiry, skyrocketed to touch new lifetime high of Rs 4,08,487 per 1Kg. It is currently trading higher by 5% to 6%.

Silver Prices Prediction:

As per Ponmudi R, CEO of Enrich Money, here are the outlook for silver rates globally and in India.

Comex Silver Price Outlook:

COMEX Silver has surged to around $117.34 and is currently consolidating in the $116.80-$119 range after marginal profit-taking. The breakout above the critical $118-$120 psychological zone now stands confirmed, with prices trading well above all key moving averages and within a steep rising channel.

Silver continues to outperform gold, underpinned by a potent combination of structural and cyclical drivers. Robust industrial demand-fuelled by rapid expansion in AI infrastructure, data centres, solar energy, electric vehicles, and advanced electronics-has emerged as a key support. This demand strength is being reinforced by persistent global supply deficits, as mine output continues to lag underlying consumption growth. In parallel, silver is also benefiting from safe-haven and inflation-hedge flows amid ongoing macro uncertainty.

Additionally, momentum-driven participation, including FOMO (Fear of Missing Out)-led buying during technical breakouts, has amplified upside moves, further strengthening silver's relative performance versus gold.

Near-term support is placed at $115-$116.50, followed by a stronger base near $103-$105. A decisive move above $118.50-$120 can rapidly open upside targets toward $125-$140+ in the next phase. The medium-to-long-term outlook for 2026 remains exceptionally bullish.

MCX Silver Price Outlook:

MCX Silver continues to display high-beta outperformance after a strong breakout, absorbing every minor correction with ease. The rising channel remains steep and firmly intact, with the 20-day EMA near Rs3,77,630 acting as strong dynamic support. Sustained trade above Rs4,07,456 keeps momentum decisively bullish. Immediate upside targets are placed at Rs4,08,000-Rs4,15,000, with scope to extend toward Rs4,17,000-Rs4,25,000 over the coming months. Any dip toward the Rs3,50,000-Rs3,60,000 zone should continue to be viewed as a strong accumulation opportunity within the prevailing uptrend.

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