Silver price today: Bullish momentum continues as prices hit $117/oz amid geopolitical tensions

Silver price today

The global price of silver was up 7.91 percent at $114 per ounce on January 28 (3:13 am GMT) on Comex. The metal surged to its peak performance on Monday, trading at $117 per ounce amid geopolitical tension led by US President Donald Trump, and continued industrial demand.

The metal's futures price on MCX opened Wednesday's session at an all-time high of Rs 3,80,200, representing a 4.98 percent gain from its previous close. Silver previously hit a record high of Rs 3,69,000 on January 27, 2026.

The Indian Bullion Jewellers Association (IBJA) pegged the silver price at Rs 3,44,564 in its 18:30 rate session on January 27,  which is an 8.45 percent gain from the previous price at Rs 3,17,705 per kilogram.

City-wise silver prices 

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

Here is how a kilogram of silver has moved.

Outlook: Will silver continue its momentum

Renewed geopolitical tensions have been a key trigger. The US President Donald Trump announced a 100 percent tariff threat on Canada over a potential trade deal with China and raised tariffs on South Korean autos, pharmaceuticals, and lumber to 25 percent. These developments have reinforced safe-haven demand.

The Augmont Bullion report, published on January 28, noted that silver achieved $100 and $107 targets and may consolidate before resuming higher towards $120 (Rs 3,90,000). Key support is seen at $103 (Rs 3,40,000); a break could lead to retracement towards $100 and $97.

"For precious metals this year, the dominant driver has been policy uncertainty under Trump. A fresh wave of first-time investors, especially across Asia and Europe, is aggressively building personal holdings of gold and silver, adding structural support to prices," the report states.