As of January 20, 2026, silver rates in India have extended their record-breaking rally, surging even further after smashing the historic ₹3 lakh barrier yesterday. Driven by escalating global trade tensions and safe-haven buying, the white metal has seen a massive single-day jump of up to ₹15,000 per kilogram in several cities.
According to the latest live updates from GoodReturns, the national average for silver has climbed to ₹3,20,000 per kg, while prices in South Indian markets have reached an astonishing ₹3,30,000 per kg.
Today’s Silver Rates in India (January 20, 2026)
The momentum remains strongly bullish, with prices per gram also seeing a significant uptick.
| Unit | Today’s Price (INR) | Yesterday’s Price (INR) | Change |
| 1 Gram | ₹320 | ₹305 | ↑ ₹15 |
| 8 Grams | ₹2,560 | ₹2,440 | ↑ ₹120 |
| 10 Grams | ₹3,200 | ₹3,050 | ↑ ₹150 |
| 100 Grams | ₹32,000 | ₹30,500 | ↑ ₹1,500 |
| 1 Kilogram | ₹3,20,000 | ₹3,05,000 | ↑ ₹15,000 |
City-Wise Silver Prices (Per Kilogram)
Regional variations persist due to local demand and transportation costs. Chennai and Hyderabad continue to lead the country with the highest rates.
- Chennai, Hyderabad & Kerala: ₹3,30,000 (Up ₹12,000)
- Mumbai, Delhi & Kolkata: ₹3,20,000 (Up ₹15,000)
- Bangalore: ₹3,20,000 (Up ₹15,000)
- Pune & Ahmedabad: ₹3,20,000 (Up ₹15,000)
Market Analysis: What is Fueling the Record Surge?
The unprecedented rise in silver prices today is largely attributed to a “perfect storm” of global and domestic triggers:
- US-EU Trade War Fears: The market is reacting sharply to U.S. President Donald Trump’s threats of a 10% import tariff on several European nations. This has triggered a massive shift toward safe-haven assets as investors flee volatile currency and stock markets.
- The Greenland Conflict: Recent geopolitical friction regarding control over Greenland has added a fresh layer of uncertainty to global trade dynamics, further boosting the appeal of precious metals.
- MCX Futures at All-Time Highs: On the Multi Commodity Exchange (MCX), silver futures for February 2026 expiry breached the ₹3.22 lakh mark in early trade, reflecting strong institutional confidence in the metal’s upward trajectory.
- Industrial Scarcity: Beyond investment, the physical demand for silver in AI server production and solar technology remains at a deficit, creating a high floor for prices.
Trend & Outlook
Silver has outperformed gold significantly in the first three weeks of 2026. Starting the year at approximately ₹2,38,000 per kg, it has gained over ₹80,000 in less than 20 days—a return of roughly 34%.
While technical analysts warn that such a vertical move could eventually lead to sharp “profit-booking” corrections, the immediate sentiment remains bullish. If international spot prices continue to head toward the $100 per ounce mark, domestic rates could potentially test ₹3.5 lakh before the month ends.