Silver prices surged sharply in India on Monday, January 12, tracking a strong rally across global precious metals markets amid rising geopolitical tensions and growing expectations of interest rate cuts in the United States. In the domestic market, silver prices moved higher across all denominations, with gains seen in per-gram as well as per-kilogram rates.
As per the latest data, the silver price in India today stands at Rs 270 per gram, marking an increase of Rs 10 from the previous session. On a kilogram basis, silver is priced at Rs 2,70,000 per kg, up by Rs 10,000 compared to yesterday, reflecting strong buying interest.
Silver price today in India (January 12, 2026)
| Quantity | Today | Yesterday | Change |
|---|---|---|---|
| 1 gram | Rs 270 | Rs 260 | + Rs 10 |
| 8 gram | Rs 2,160 | Rs 2,080 | + Rs 80 |
| 10 gram | Rs 2,700 | Rs 2,600 | + Rs 100 |
| 100 gram | Rs 27,000 | Rs 26,000 | + Rs 1,000 |
| 1 kg | Rs 2,70,000 | Rs 2,60,000 | + Rs 10,000 |
The sharp move higher in domestic prices follows a strong rally on the futures market.
MCX silver price today
Silver futures on the Multi Commodity Exchange (MCX) jumped more than 3% in early trade, hitting fresh record highs. MCX silver was trading around Rs 2,61,100 per kg, up over Rs 8,300, as investors rushed into precious metals as a hedge against rising global uncertainty.
City-wise silver prices today in India
Silver prices remained largely uniform across major Indian cities, with minor variations driven by local levies and logistics costs.
| City | 10 gram | 100 gram | 1 kg |
|---|---|---|---|
| Mumbai | Rs 2,700 | Rs 27,000 | Rs 2,70,000 |
| Delhi | Rs 2,700 | Rs 27,000 | Rs 2,70,000 |
| Kolkata | Rs 2,700 | Rs 27,000 | Rs 2,70,000 |
| Chennai | Rs 2,870 | Rs 28,700 | Rs 2,87,000 |
| Hyderabad | Rs 2,870 | Rs 28,700 | Rs 2,87,000 |
| Bangalore | Rs 2,700 | Rs 27,000 | Rs 2,70,000 |
| Ahmedabad | Rs 2,700 | Rs 27,000 | Rs 2,70,000 |
Why silver prices are rising sharply
The rally in silver mirrors the sharp gains seen in global gold prices. Spot silver jumped over 4% overnight, hitting an all-time high near $84 per ounce, supported by escalating geopolitical risks and heightened safe-haven demand.
Geopolitical tensions have intensified following reports of unrest in Iran and concerns around potential US military action, which have increased global risk aversion. Investors have responded by moving into precious metals such as gold and silver, traditionally viewed as safe-haven assets during periods of uncertainty.
Another major driver behind silver’s surge is the growing expectation of US Federal Reserve rate cuts in 2026. Recent US economic data showed slower-than-expected employment growth in December, with job losses reported across construction, retail and manufacturing sectors. Although the unemployment rate eased slightly, markets interpreted the data as a sign of a cooling labour market, strengthening bets that the Fed could cut interest rates at least twice this year.
Lower interest rate expectations typically support non-yielding assets like silver, further boosting prices.
Outlook for silver prices
With global silver prices trading at record highs and domestic futures showing strong momentum, silver remains firmly supported by geopolitical risks, monetary policy uncertainty and sustained investor demand. Market participants are now closely tracking further developments on the geopolitical front and upcoming US macroeconomic data for fresh cues.
