Spot silver price gains 7.7% in a week amid increasing safe-haven demand; Check prices in your city

Silver price today

• Silver spot price rose 0.10% to $78.27/oz, up 7.69% in a week as of Jan 8
• Domestic silver futures on MCX gained 0.22% to Rs 2,51,146/kg of 999 purity
• Safe-haven demand and Fed rate cut expectations drive silver prices higher

Did our AI summary help?

The spot price of silver on January 8 stood at $78.27 per ounce as of 9:03 am IST, representing a 0.10 per cent gain from its previous close and a 7.69 percent gain in a week.

The domestic futures price of silver on MCX stood at Rs 2,51,146 per 1 kilogram of 999 purity, representing a gain of 0.22 percent from its previous close at Rs 2,50,605. The price of precious white metal previously peaked at Rs 2,59,692 as recorded on January 7, 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. 7, 2026.

Why is silver up?

The Augmont Bullion report, published on January 7, noted that precious metals prices are underpinned by increased safe-haven demand amid heightened geopolitical concern following weekend events in Venezuela, as well as rising expectations on Federal Reserve rate reduction after the release of poor U.S. manufacturing PMI data.

Here are other factors that have contributed to the price rise in precious metals, as per Augmont:

• Manufacturing activity in the United States dropped more than predicted in December, reaching a 14-month low.
• Market players are also looking forward to Friday's US monthly employment data, which is expected to show 60,000 jobs added in December, a modest decrease from 64,000 the previous month.
• Minneapolis Fed President Neel Kashkari warned on Monday that the unemployment rate could "pop" higher, raising the possibility of a rate cut.
• Meanwhile, Maduro pleaded not guilty in a New York court on Monday to narco-terrorism accusations as well as possession of machine weapons and destructive devices.

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 touched their previous peak of $82.6 (Rs 2,60,000), creating a double top formation. We could see some profit booking from here, but when it breaks the previous top again, the next level to watch for is $84 (Rs 2,66,000) and $88.5(Rs 2,80,000)