New Delhi, January 22: Silver prices in India continued their sharp upward momentum on Thursday, January 22, 2026, breaching the psychologically significant INR 3.30 lakh per kilogram level across most major markets. The white metal’s surge is being driven by tightening global supplies, robust industrial demand, and escalating geopolitical tensions that have pushed investors toward safe-haven assets. Check the silver rates today in major Indian cities like Delhi, Mumbai, Chennai, Hyderabad, Bengaluru, Ahmedabad, Kolkata, Jaipur, Lucknow, and Noida.

Retail silver prices have now risen more than 35 percent since the start of 2026, making January one of the most volatile months for the commodity in recent years. In northern and western metros such as Delhi, Mumbai, and Kolkata, silver is trading close to INR 3,30,100 per kg, while southern markets continue to command a noticeable premium. Gold Rate Today, January 22, 2026: Check 22K & 24K Gold Prices in Delhi, Mumbai, Chennai and Other Cities.

Market participants say the rally reflects a convergence of strong physical demand and financial flows. Internationally, silver is trading at record levels of USD 92–94 per troy ounce, with declining inventories in key global vaults intensifying concerns over availability. Dubai Gold Rate Today, January 21, 2026: Prices Surge to Historic Highs, Check 18K, 22K and 24K Gold Rates.

Silver Rates in Indian Cities (January 22, 2026)

City Price (per 1 kg)
Chennai INR 3,45,000
Hyderabad INR 3,45,000
Delhi INR 3,30,100
Mumbai INR 3,30,100
Kolkata INR 3,30,100
Bengaluru INR 3,30,100
Ahmedabad INR 3,30,000
Jaipur INR 3,30,000
Lucknow INR 3,30,000
Noida / Ghaziabad INR 3,30,100
Gurugram INR 3,30,100
Bhopal INR 3,30,000
Srinagar INR 3,20,000*
Jodhpur INR 3,30,000

What’s Driving the Surge

Analysts describe the current rally as a “perfect storm” of geopolitical uncertainty and structural supply shortages. Renewed tensions involving the United States and Iran, along with fresh trade frictions between major economies, have increased risk aversion globally, lifting demand for precious metals.

Unlike gold, silver’s heavy use in industrial applications has amplified the price pressure. Rapid growth in solar power installations and electric vehicle manufacturing has created a persistent supply deficit, with industrial consumers now competing directly with investors for limited physical metal.

While the broader trend remains bullish, some technical indicators suggest the possibility of short-term consolidation after the steep climb. Experts caution that profit-booking could lead to brief pullbacks, even as the medium-term outlook stays positive.

Domestically, the weakening rupee against a stronger US dollar has added to price pressures by raising import costs, further pushing up retail silver rates for Indian buyers.

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(The above story first appeared on LatestLY on Jan 22, 2026 08:08 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).