Spot silver slides to $88 from yesterday's record high of $93.70/oz; check prices in your city

Silver prices

• Silver prices soar amid geopolitical tensions and rising industrial demand.
• Domestic silver futures rose 4.56 percent, peaking at Rs 2,87,735 per kg
• Silver now ranks as the world's second-most valued asset after gold

Did our AI summary help?

Silver slipped from the previous day’s record high to trade at $88.210 an ounce on January 15, a 3.47 percent dip from its previous close. The metal zoomed to a new high peak of $93.70 the previous day amid worsening geopolitical tensions and sustained industrial demand.

On MCX, the precious metal closed the Wednesday session at Rs 2,89,000 for a kilogram, up 0.34 percent from the previous close at Rs 2,88,011. The metal had touched Rs 2,93,000 in the previous session but slipped to end lower.

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. 14, 2026.

Why is silver up?

The January 13 Augmont Bullion report said silver surged to new all-time highs, as investors rushed toward safe-haven assets. The rally was driven by rising concerns over the independence of the US Federal Reserve, escalating geopolitical tensions, and renewed trade-related uncertainty.

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 added that silver’s rally looks set to extend further. Fibonacci projections point toward $88 (Rs 2,78,000) and $93 (Rs 2,93,000) in the coming weeks, while $70 remains a strong support zone.

Meanwhile, silver has overtaken American chip giant Nvidia in terms of market capitalisation to become the world’s second-most valued asset after gold.

The silver rally started from $45 in October and extended up to $82.7 in December 2025. Fibonacci extension suggests that this rally can extend further towards $84, $88, $93 and $99 in the coming few months of 2026 with strong support at $70.

Read more: Silver at record highs: Is the white metal headed for a crash after its steep run-up?