New Delhi, January 29: Silver prices remained firm in early Thursday trade, consolidating near record highs after a historic rally that has seen the white metal outperform gold in percentage terms over the past twelve months. Strong global cues and sustained industrial demand continue to support prices, keeping investor sentiment decisively bullish at the start of 2026. Check the silver rates today in major Indian cities like Delhi, Mumbai, Chennai, Hyderabad, Bengaluru, Ahmedabad, Kolkata, Jaipur, Lucknow, and Noida.

According to recent market data, silver has surged nearly 149 percent over the last year, driven by a combination of speculative inflows and tightening physical supply. While gold has climbed to record levels above USD 4,794 per ounce, silver’s dual appeal as both a precious metal and a critical industrial input has placed it at the center of the ongoing commodities rally. Gold Rate Today, January 29, 2026: Check 22K & 24K Gold Prices in Delhi, Mumbai, Chennai and Other Cities.

Silver Rate City-Wise (January 29, 2026)

City Silver Rate (INR/kg)
Chennai INR 4,00,100
Hyderabad INR 4,00,100
New Delhi INR 3,80,100
Mumbai INR 3,80,100
Kolkata INR 3,80,100
Bengaluru INR 3,80,100
Noida / Ghaziabad INR 3,80,100
Gurugram INR 3,80,100
Ahmedabad INR 3,80,100
Jaipur INR 3,80,100
Lucknow INR 3,80,100
Bhopal INR 3,80,100
Jodhpur INR 3,80,100
Srinagar INR 3,87,600

Industrial Super-Cycle Lifts Silver Prices

The primary driver behind silver’s strength is the accelerating demand from renewable energy and electric vehicle supply chains. With 2026 expected to be a landmark year for global solar capacity additions, silver’s unmatched electrical conductivity makes it indispensable for photovoltaic cell manufacturing. Analysts note that the green energy premium is now firmly embedded in prices. Silver Rate Today, January 28, 2026: Check Latest Prices of White Metal in Delhi, Mumbai, Chennai, and Other Major Cities .

The sharp gains recorded through 2025 were not purely speculative. Market observers point to a widening supply deficit, as mine output has failed to keep pace with rising industrial consumption. This structural imbalance has helped silver maintain elevated levels even during periods of muted trading activity.

Global Cues and Federal Reserve Watch

Global market signals also continue to influence silver prices. A softer US dollar has boosted the appeal of non-yielding assets, including silver and gold, while investors closely track the US Federal Reserve’s policy outlook. Expectations of a more accommodative stance have added to the bullish momentum in precious metals.

Impact on the Indian Market

In India, silver prices mirror international trends, with investment demand showing a noticeable uptick. While jewellery and silverware consumption remains steady, retail investors are increasingly turning to silver as a relatively affordable alternative to gold. With gold prices approaching the INR 1 lakh level much earlier than anticipated, silver has emerged as a preferred entry point into the precious metals space.

 

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(The above story first appeared on LatestLY on Jan 29, 2026 09:05 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).