Silver price today: White metal climbs 5.06% to Rs 3,18,960

Silver prices continued to rally on January 23, climbing over 5 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 3,18,960 for a kilogram at 12:30 pm, up 5.06 percent from the previous day's close.

On the Multi Commodity Exchange (MCX), silver futures surged to new a peak of Rs 3,41,300 at 11:21 am. It corrected to Rs 3,38,635 but was still up 1.88 percent from the previous day.

In the international market, Comex spot silver was on course to break the $100 an ounce mark, touching a new high of $99.39.

The rupee was trading at 91.58 against the US dollar, up 0.03 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 23, said silver prices corrected but showed strong support. “As long as silver trades above the $90.5 level (Rs 3,00,000), the metal retains the potential to move higher towards the $99-$100 range (Rs 3,45,000). Overall, dips are likely to attract buying interest rather than signal a trend reversal.”

The report predicts that dips are likely to attract buying interest rather than signal a trend reversal.