Silver price today: Precious metal climbs over 7% to Rs 3,42,507 per kg amid geopolitical concerns

Silver price today

• Silver prices in India surged over 7%, reaching record highs amid global rally.
• Geopolitical tensions, weak rupee, and strong demand drive silver prices higher
• Analysts expect silver may consolidate before moving towards Rs 3,90,000 per kg

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Silver price continued its record rally on January 27, climbing over 7 percent in the domestic market. The surge, which mirrored international markets, is driven by escalating geopolitical concerns, a weakening rupee, robust industrial demand and strong speculative interest.

The India Bullion and Jewellers Association (IBJA) pegged the metal's price at Rs 3,42,507 for a kilogram at 12:30 pm, up 7.38 percent from the previous day's close at Rs 3,18,960 on January 23.

On the Multi Commodity Exchange (MCX), silver futures surged to a new peak of Rs 3,68,398 at 1:09 pm.

In the international market, Comex spot silver surged to $113 per ounce, which is a 2.15 percent decline from the previous close.

The rupee was trading at 91.63 against the US dollar, down 0.04 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 has 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."

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.

"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 said.