As of January 16, 2026, silver rates in India are experiencing a notable correction following a historic rally that saw the metal touch record highs just 24 hours ago. After peaking at approximately ₹2,95,000 per kg on January 15, the price has retreated today, offering a brief window of opportunity for retail buyers.
According to the latest live data from GoodReturns, silver prices have declined by ₹3,000 per kilogram in most major Indian cities.
Current Silver Rates in India (January 16, 2026)
Today’s price action highlights the high volatility currently defining the bullion market. While the long-term trend remains bullish, short-term profit booking has pulled prices back from their absolute peaks.
| Unit | Today’s Price (INR) | Yesterday’s Price (INR) | Change |
| 1 Gram | ₹292 | ₹295 | ↓ ₹3 |
| 10 Grams | ₹2,920 | ₹2,950 | ↓ ₹30 |
| 100 Grams | ₹29,200 | ₹29,500 | ↓ ₹300 |
| 1 Kilogram | ₹2,92,000 | ₹2,95,000 | ↓ ₹3,000 |
City-Wise Silver Rates (Per Kilogram)
Prices vary across India due to local taxes (VAT/GST) and demand-supply dynamics in different regions.
- Delhi, Mumbai, & Kolkata: ₹2,92,000 per kg
- Bangalore: ₹2,92,000 per kg
- Chennai & Hyderabad: ₹3,06,000 per kg
- Jaipur & Ahmedabad: ₹2,92,000 per kg
Note: The southern markets, particularly Chennai and Hyderabad, continue to trade at a premium due to higher regional demand.
Market Analysis: Why is Silver Fluctuating Today?
The ₹3,000 drop today is attributed to several macroeconomic factors:
- Profit Booking: After silver gained nearly 22% in the first two weeks of January alone, institutional investors are locking in gains. This “selling pressure” naturally causes a temporary price dip.
- Global Safe-Haven Cooling: While geopolitical tensions remain, a slight stabilization in the US Dollar index has put pressure on precious metals, making them more expensive for holders of other currencies.
- Makar Sankranti Aftermath: Following the heavy buying seen during the Makar Sankranti and Pongal festivals, the immediate domestic retail demand has stabilized, allowing the market to breathe.
- Fed Policy Expectations: Markets are closely watching the US Federal Reserve’s stance on interest rates. Fading expectations of aggressive rate cuts in the near term have led to a broader decline in international commodity prices.
Trend & Future Outlook: Will it hit ₹3 Lakh?
Despite today’s minor correction, the outlook for 2026 remains exceptionally strong. Analysts from firms like Motilal Oswal and SAMCO Securities have pointed toward technical targets of ₹3.20 lakh and even ₹3.90 lakh later this year.
Silver’s dual role as an investment asset and an industrial essential—crucial for solar panels and AI infrastructure—suggests that supply deficits will keep the floor price high. Many experts view any dip toward the ₹2,66,000 mark as a “favorable buying opportunity” for long-term investors.