Silver prices in Mumbai remained elevated on January 28, tracking the strong rally seen in global bullion markets and sustained momentum in domestic futures.
As per the latest available rates, silver in Mumbai is priced at Rs 3,80,000 per kilogram, while 10 grams of silver costs Rs 3,800 and 100 grams is available at Rs 38,000. The prices mark a continuation of the sharp uptrend seen over the past few sessions, with silver significantly outperforming gold so far this year.
The surge in silver prices is being supported by record-high levels in international markets, where the metal has benefited from safe-haven demand, geopolitical uncertainty, and spillover strength from gold. Rapid price movement, strong participation in futures markets, and tight supply dynamics have further added to the bullish sentiment.
City-wise variations in silver prices persist due to factors such as local demand, transportation costs, and state-level taxes. Despite these differences, Mumbai remains broadly aligned with the nationwide trend of elevated silver prices.
With silver trading near historic highs, buyers and market participants in Mumbai are closely monitoring global cues and daily price movements as volatility in the precious metals space remains high.
