Silver price today: Climbs nearly 6 percent at Rs 3,61,821 amid weak dollar and policy uncertainty

• Silver price surged nearly 6 percent in India, mirroring global market trends
• Record rally driven by geopolitical concerns, weak rupee, and strong demand
• Analysts see silver heading toward $120 per ounce, with key support at $103

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Silver price continued its record rally on January 28, climbing nearly 6 percent in the domestic market. The surge, which mirrored international markets, is driven by escalating geopolitical concerns, US tariff threats, a weakening rupee, robust industrial demand and strong speculative interest.

The India Bullion and Jewellers Association (IBJA) pegged the metal's price at Rs 3,61,821 per kilogram at 12:30 pm, up 5.64 percent from the previous day's close at Rs 3,42,507 per kilogram on January 27.

On the Multi Commodity Exchange (MCX), silver futures surged to a new peak of Rs 3,82,479, and continued to hover at Rs 3,78,813, representing 6.32 percent increase from the previous close.

In the international market, Comex spot silver was trading above $114 per ounce, which is a 8.32 percent gain from the previous close.

Meanwhile, the rupee was trading at 91.62 against the US dollar, up 0.19 percent from its previous close. A weak rupee has made imports and commodities more expensive.

Here is how a kilogram of silver has moved.

How will silver prices move?

The Augmont Bullion, published on January 27, said silver surged past the $115 mark, driven primarily by a sharp weakening of the US dollar and rising policy uncertainty.

"The dollar slipping to a four-year low, combined with slumping US consumer confidence and concerns over the labour market, has strengthened the case for defensive assets," the report stated.

Added to this, tariff threats and perceived pressure on Fed independence have amplified geopolitical and policy risk premiums—firmly underpinning gold and silver prices.

The report said that silver is 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.