Silver prices jump 22 pc in January, near INR 3 lakh mark

MUMBAI — Silver prices have continued their remarkable rally, rising another 22 per cent in January so far, strengthening investor interest and keeping the white metal firmly in focus.  

The sharp surge has helped silver emerge as the top performer among major asset classes, supported by strong demand and multiple positive global factors.

After an extraordinary 170 per cent rise earlier, MCX silver prices have maintained strong momentum this month.

From the April close of INR 95,917, silver has climbed nearly 200 per cent to settle at INR 2,87,762 on Friday, a performance usually associated with multibagger stocks rather than commodities.

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Prices have also touched fresh record highs, with the latest peak of INR 2,92,960 recorded last week.

As silver surged past earlier expectations much faster than anticipated, analysts have been quick to revise their targets upward.

Last year, domestic brokerages had projected silver prices at around INR 1,10,000 by the end of the year, but those levels were crossed well before the midpoint.

The rally did not stop there, with prices going on to hit INR 2,54,000, more than doubling earlier estimates.

As these above-ground reserves shrink, holders of physical silver are demanding higher prices, further pushing rates upward.

At the beginning of 2025, silver was largely overlooked by investors, with few expecting it to deliver such a sharp rally amid ongoing economic uncertainty and geopolitical tensions.