Silver breaks all records, crosses ₹3.75 lakh/Kg; Gold also hits new highs

Silver prices surged to historic highs on January 28 amid a weak US dollar and global uncertainty, while gold prices also climbed sharply in domestic and international markets.

Silver prices climbed to a fresh all-time high on Wednesday, January 28, crossing ₹3.75 lakh per kg for the first time. The sharp rise came as the US dollar remained under pressure, trading near multi-year lows, while investors remained cautious ahead of the US Federal Reserve’s policy decision and ongoing geopolitical uncertainties.

In Bengaluru, silver prices rose sharply to ₹3,80,000 per kg on January 28, according to a GoodReturns report. This marked a steep increase from ₹3,70,000 per kg on January 27. Earlier, on January 19, silver was priced at ₹3,05,000 per kg. Over the past 10 days, silver prices rose on eight days, showing a strong upward trend.

On the Multi Commodity Exchange (MCX), silver prices jumped nearly 6%, touching a new high of ₹3,77,655 per kg. Internationally, spot silver gained about 0.6% to $113.63 per ounce, after hitting a fresh all-time high of $117.69 per ounce earlier in the week. Supported by strong investment demand, tight supply, and a weak dollar, silver prices have already risen around 60% so far this year.

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Gold prices moved in tandem with silver. On MCX, gold prices surged nearly 3% during morning trade, crossing ₹1.62 lakh per 10 grams for the first time. MCX February gold futures rose over ₹4,700, or 3%, to reach ₹1,62,429 per 10 grams, while MCX March silver futures gained around ₹21,400, or 6%.
In Bengaluru, 24-carat gold rose to ₹1,65,170 per 10 grams, an increase of ₹3,220 from the previous day. 22-carat gold climbed to ₹1,51,400 per 10 grams, up by ₹2,950 compared to yesterday.

The dollar index slipped about 0.30%, making dollar-priced commodities more attractive to overseas buyers. According to a Reuters report, the dollar fell to a four-year low against a basket of currencies on Tuesday. Globally, gold extended its record rally, crossing the $5,200 level for the first time.

In early Asian trade, spot gold rose around 0.6% to $5,219.97 per ounce, after touching a new peak of $5,224.95. Prices have climbed over 20% since the beginning of the year. US gold futures for February delivery jumped 2.6% to $5,216.80 per ounce, reflecting strong bullish sentiment.