Silver Rate Today: MCX Silver Retreats After Reaching a Record ₹3,34,840/kg Amid Global Tensions

Mumbai, 21 January 2026: Silver prices in India eased from record highs on Wednesday after a sharp rally driven by geopolitical uncertainty and sustained industrial demand. The pullback followed a session in which domestic and global bullion prices surged to historic levels, reflecting heightened risk aversion and supportive macroeconomic conditions.

MCX Silver Rises Over 3% To Record ₹3,34,840/kg

Silver futures on the Multi Commodity Exchange (MCX) climbed more than 3%, gaining around ₹11,000, to touch an all-time high of ₹3,34,840 per kg before retreating from peak levels. Gold prices moved in tandem, with MCX gold jumping over 5% to a fresh record of ₹1,58,339 per 10 grams, reinforcing broad-based strength across precious metals.

Global Silver Near $95 As Bullion Prices Stay Elevated

In international markets, spot silver eased 0.1% to $94.48 per ounce, after scaling a record $95.87 earlier in the week. Spot gold rose 2.1% to $4,862.46 per ounce, having crossed $4,865.73 during the session, while US gold futures advanced 2% to $4,861.20 per ounce, highlighting sustained global demand for safe-haven assets.

Greenland Remarks Trigger Flight To Precious Metals

The surge in silver and gold followed renewed geopolitical unease after US President Donald Trump stated there was “no going back” on his objective to control Greenland, escalating tensions with NATO allies. The comments heightened global risk aversion, prompting investors to seek refuge in precious metals amid uncertainty in currency and equity markets.

Low Interest Rates And Central Bank Buying Support Prices

Broader macroeconomic conditions have added support to bullion prices. Expectations of lower interest rates have increased the appeal of non-yielding assets such as gold and silver. At the same time, central banks have significantly increased gold purchases since 2022, reinforcing confidence in precious metals as stores of value and indirectly supporting silver prices.

Solar And EV Demand Push Silver’s Industrial Use Higher

Silver’s rally has also been underpinned by strong industrial demand. Consumption from solar panels, electric vehicles, data centres and electrification projects now accounts for more than half of total global demand. Silver’s high conductivity makes it a critical input for clean energy and technology applications, strengthening price support beyond monetary factors.

Supply Constraints Keep Market Tight Despite Pullback

Persistent supply deficits continue to influence prices. Subdued mine output and limited recycling have restricted available supply, contributing to market tightness. Even as prices retraced from record levels, the underlying balance between demand and supply remained constrained.

Silver Gains Around 30% In Early 2026

Silver has delivered returns of nearly 30% in less than three weeks of 2026, rising sharply from late-December levels. Indian prices have consolidated above the ₹3 lakh per kg mark, reflecting the scale of the recent rally despite short-term volatility.

Consolidation Follows Break Above Key Price Zones

After breaking decisively above the $90–$92 range internationally and the ₹3,10,000 level domestically, silver prices entered a consolidation phase amid profit booking. The move indicates a pause following the sharp upward momentum seen earlier this month.

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