Silver hits record high on geopolitical tensions and Fed rate-cut hopes; check prices in your city

The US intervention in Venezuela and the capture of President Nicolas Maduro increased geopolitical risk, boosting demand for safe-haven metals.

• Silver reached a record $82.585/oz on Comex, up 14.09% in a week amid tensions.
• US-Venezuela conflict and Fed rate-cut bets boosted safe-haven demand for silver
• Domestic silver prices showed minor city-wise differences due to local factors

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The spot price of silver on January 7 reached an all-time high of $82.585 per ounce on the Comex, and continued to hover at $80.950 (8:44 am IST), representing a 14.09 per cent gain in a week. The prices of silver have appreciated in the aftermath of already fueled industrial demand and the recent military attack by the US against Venezuela, which saw investors rush to buy the precious metal.

The domestic futures price of silver on MCX opened the Wednesday session at Rs 2,57,211 per 1 kilogram of 999 purity, representing a decline of 0.62 percent from its previous close at Rs 2,58,811. The price of precious white metal previously peaked at Rs 2,59,322 as recorded on January 6, 2025.

Check out below to see the prices of 1 kilogram of 999 purity silver.

Source: Indian Bullion Jewellers Association – 18:30 rate session as on Jan. 6, 2026.

Why is silver up?

The Augmont Bullion report, published on January 6, noted that precious metals surged as Fed members' dovish comments increased interest rate-cut bets and tensions in Venezuela boosted safe-haven demand.

The US intervention in Venezuela and the capture of President Nicolas Maduro increased geopolitical risk, boosting demand for safe-haven metals.

President Donald Trump has threatened another strike if Caracas continues to defy US efforts to open up its oil business and combat drug trafficking, and he has considered taking action against Colombia and Mexico over illegal drug flows.

Amid rising prices of precious metals, silver sales fell 15–20 percent year-on-year (YoY) in December 2025, though demand for silver bars and coins continued to grow by 15–18 percent, according to the India Bullion & Jewellers Association (IBJA).

Read more: Silver races ahead of gold: 7 trends investors should watch in 2026

City-wise silver prices in India today

Silver rates across India’s major cities showed remarkable uniformity, with only marginal differences due to local taxes, jeweller margins, and logistics costs.

Outlook: Will silver regain momentum this week?

The Augmont report further stated that silver prices have rebounded from $70 support and are taking resistance at $79 (Rs 2,51,000). If prices sustain above this resistance, the next level to watch for is $82 (Rs 2,55,000) and $84 (Rs 2,60,000).

Another advance toward fresh record highs is likely if international tensions rise further or incoming US data validates thoughts that the Fed will need to relax more forcefully than presently priced, the report added.