Mumbai January 28: Silver  rates (silver prices) in India extended their historic rally on Wednesday, January 28, 2026, reaching a fresh peak as the "white metal" continues to outperform nearly all other major asset classes this year. Following a massive 55 per cent surge since the start of January, retail silver is now trading at approximately INR 3,70,100 per kilogram in major metropolitan areas. The surge is being fueled by a "perfect storm" of geopolitical trade wars, a five-year global supply deficit, and explosive demand from the green energy and AI hardware sectors. Scroll below to check silver prices in major Indian cities like Delhi, Mumbai, Chennai, Hyderabad, Bengaluru, Ahmedabad, Kolkata, Pune, Kerala, and Vadodara.

City-Wise Retail Rates of Silver

Retail silver prices across India have remained largely consistent today, though southern markets like Chennai continue to command a slight premium due to higher local demand. Gold Rate Today, January 28, 2026: Check 22K & 24K Gold Prices in Delhi, Mumbai, Chennai and Other Cities.

Silver Rates Today As of January 28, 2026 (Per Kilogram)

City Silver Price Today
Delhi INR 3,70,100
Mumbai INR 3,70,100
Chennai INR 3,87,100
Hyderabad INR 3,87,100
Bengaluru INR 3,70,100
Ahmedabad INR 3,70,100
Kolkata INR 3,70,100
Pune INR 3,70,100
Kerala INR 3,87,100
Vadodara INR 3,70,100

The 'Greenland Spark' and Global Factors

The immediate catalyst for this week's price action is a deepening geopolitical dispute involving the United States, the European Union, and the strategic control of Greenland.

  • Tariff Threats: US President Donald Trump’s threat to impose 10 per cent to 25 per cent tariffs on EU member nations has sent investors fleeing toward "safe-haven" assets.

  • China Export Caps: New licensing requirements on silver exports from China - the world’s second-largest producer - have tightened global supply at a time when industrial inventories at the LBMA and COMEX are at multi-year lows.

Industrial Demand: Beyond a Precious Metal

Unlike gold, silver’s value in 2026 is increasingly tied to its role as an industrial necessity. Experts note that silver now accounts for 55 per cent of global consumption in high-tech manufacturing.

Market Outlook: Will the Rally Continue?

With the gold-to-silver ratio falling to its lowest point since 2012, silver is currently the favored metal for many commodity traders. Financial institutions including Citi and Bank of America have revised their short-term targets, with some analysts suggesting silver could potentially test the USD 150 to USD 170 per ounce mark  if current supply deficits persist.

However, market analysts caution that the current rally is highly volatile. While the long-term "green energy" fundamentals are strong, short-term pullbacks are likely if geopolitical tensions show signs of de-escalation.

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(The above story first appeared on LatestLY on Jan 28, 2026 09:02 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).