Silver price in Mumbai today:
- 10 grams: ₹3,950
- 100 grams: ₹39,500
- 1 kilogram: ₹3,95,000
Silver prices in Mumbai moderated sharply on Friday, January 30, as domestic rates fell in line with weakness in global silver markets after a strong rally earlier this week. The drop in Mumbai mirrors broader market corrections and profit booking across precious metals.
Why silver prices are down today
Global silver cools after record run-up
International silver prices retreated about 4% toward the $110 per ounce level on Friday after briefly hovering near all-time highs earlier in the week. The pullback came as investors locked in profits following a near-parabolic rally. Despite today’s decline, silver is still up more than 50% in January, marking its strongest monthly performance on record and extending gains for a ninth straight month.
Profit booking after extreme rally
Silver had surged aggressively in both global and Indian markets, supported by safe-haven demand, supply tightness, and strong momentum buying. After such a sharp rise, traders moved quickly to book profits, triggering selling pressure across futures and spot markets. This profit booking directly contributed to the fall in silver prices in Mumbai today.
Dollar rebound adds pressure
A modest rebound in the US dollar also weighed on precious metals. A firmer dollar typically pressures commodities priced in dollars, making them more expensive for non-dollar buyers and encouraging short-term selling. This dynamic added further headwinds to silver’s recent gains.
India premium unwinds
In recent sessions, MCX silver had been trading at a steep premium to global prices. As international prices cooled, this elevated domestic premium began to compress, leading to a sharper correction in Indian markets—including Mumbai—compared with overseas benchmarks.
What Mumbai buyers are seeing
Today’s silver price in Mumbai is slightly lower than the record levels seen earlier this week, reflecting both global and domestic selling pressure. Local rates can vary slightly between retailers based on taxes, logistics, and dealer margins, but the downward trend is broad-based across India’s major markets.
Disclaimer: Silver rates may differ slightly across local jewellers in Mumbai. The information is for price awareness and market context; not financial or investment advice.
