Mumbai, January 17: Silver rates in India experienced a slight correction today, January 17, as the industrial metal entered a consolidation phase following a week of relentless record-breaking gains. After hitting a historic high of INR 2,95,100 per kilogram yesterday, spot silver is currently trading at approximately INR 2,91,900 per kilogram, marking a marginal dip of INR 3,200 as investors look to book profits at higher levels.

The minor decline reflects shifting global sentiments where a stronger US dollar has put temporary pressure on precious metals. Despite this breather, the overall market sentiment remains exceptionally bullish, with silver maintaining a staggering 22 per cent gain since the beginning of the month when it was priced at INR 2.38 lakh. In southern hubs like Chennai and Hyderabad, where demand remains traditionally higher, prices continue to hover near the INR 3,05,900 mark, though down from the previous peak. Gold Rate Today, January 17, 2026: Check 22K & 24K Gold Prices in Delhi, Mumbai, Chennai and Other Cities.

Industrial Demand Surge 2026

The cooling of prices today is viewed by many analysts as a healthy market adjustment rather than a reversal of the trend. The primary driver for silver's massive 2026 rally remains the surging industrial demand from the "green economy" sectors. Silver is a vital component in the manufacturing of high-efficiency solar panels and electric vehicle (EV) batteries, and with global production targets for 2026 reaching new heights, the supply-demand gap is widening significantly.

Furthermore, the tightening of the gold-silver ratio suggests that silver is still in a "catch-up" phase compared to gold’s performance over the last two years. While retail buyers in India are feeling the pinch of high prices during the peak wedding season, institutional investors continue to view the white metal as a strategic hedge against currency volatility and global economic uncertainty.

City-Wise Price Breakdown of Silver Rates in India

The price of silver in India varies across different regions due to local market taxes, transportation charges, and state-level levies. As of today, January 17, the national average for silver stands at INR 291.90 per gram. Silver Rate Today, January 16, 2026: Check Latest Prices of White Metal in Delhi, Mumbai, Chennai, and Other Major Cities.

Below are the prevailing rates for 1 kg of silver in major Indian cities:

Silver Rates Today: January 17, 2026 (Per Kilogram)

City Silver Price Today Silver Price Yesterday
Delhi INR 2,91,900 INR 2,95,100
Mumbai INR 2,91,900 INR 2,95,100
Chennai INR 3,05,900 INR 3,10,100
Hyderabad INR 3,05,900 INR 3,10,100
Bengaluru INR 2,91,900 INR 2,95,100
Ahmedabad INR 2,91,900 INR 2,95,100
Kolkata INR 2,91,900 INR 2,95,100
Pune INR 2,91,900 INR 2,95,100
Kerala INR 3,05,900 INR 3,10,100
Vadodara INR 2,91,900 INR 2,95,100

Future Market Forecast

Looking ahead, technical indicators suggest that silver might face strong resistance at the INR 3,00,000 level in the short term. However, major brokerage firms have revised their year-end targets upwards, with some experts predicting that silver could breach the INR 3.50 lakh mark by the end of 2026 if the current industrial supply deficit persists.

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(The above story first appeared on LatestLY on Jan 17, 2026 08:27 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).