Chennai, January 24: Silver prices surged to historic highs on Friday, breaking long-standing records in both domestic and global markets. In a sharp rally, silver crossed INR 3.4 lakh per kilogram in major Indian cities, while international spot prices breached the USD 100 per ounce level for the first time ever. Check the silver rates today in major Indian cities like Delhi, Mumbai, Chennai, Hyderabad, Bengaluru, Ahmedabad, Kolkata, Jaipur, Lucknow, and Noida.

The rally has positioned silver as the top-performing commodity of 2026 so far, significantly outperforming gold. Market participants attribute the sharp rise to a mix of strong industrial demand, geopolitical uncertainty, and aggressive short-covering in futures markets.

In India, silver opened near INR 340.10 per gram, with the national average trading around INR 3,40,100 per kg. However, prices varied across regions due to local taxes, logistics, and demand premiums, with southern markets continuing to trade higher than the rest of the country. Dubai Gold Rate Today, January 22, 2026: Prices Surge to Fresh Record Highs, Check 18K, 22K and 24K Gold Rates.

Silver Rates: City-Wise Breakdown (January 24, 2026)

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

Rates in Srinagar are indicative and subject to local market fluctuations.

Global Silver Price Crosses USD 100 Mark

The domestic surge mirrors a historic breakout in international markets, where spot silver prices crossed USD 100 per ounce. This represents a nearly 40 percent rise in the first three weeks of 2026, driven largely by a short squeeze on the COMEX exchange.

Traders who had bet against silver were forced to rapidly cover their positions as prices climbed, intensifying buying pressure and accelerating the rally. Silver Rate Today, January 22, 2026: Check Latest Prices of White Metal in Delhi, Mumbai, Chennai, and Other Major Cities.

What Is Driving Silver Prices Higher

Several factors are fueling silver’s sharp ascent:

  • Geopolitical tensions involving the US and Europe, including disputes over Greenland and trade tariffs, have pushed investors toward safe-haven assets.

  • Industrial demand from electric vehicles, solar energy, semiconductors, and AI data centers has created a supply crunch.

  • Weak US dollar movements have made dollar-denominated commodities more attractive to global buyers.

While long-term fundamentals remain strong, analysts caution that such sharp rallies often see short-term corrections due to profit booking. However, experts believe silver has entered a new pricing zone, with INR 3 lakh per kg emerging as a key support level.

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(The above story first appeared on LatestLY on Jan 24, 2026 09:02 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).