The Indian commodity market has witnessed a historic phenomenon that has left even the most seasoned analysts speechless, while in the first month of 2026, silver prices have embarked on a vertical rally, creating a wealth explosion for investors while sending shockwaves through the jewelry industry. In just 550 hours of January, silver prices have skyrocketed by more than 1 lakh rupees per kilogram.
Unprecedented Surge on MCX
On the Multi Commodity Exchange (MCX), silver prices reached an astronomical high during Friday's trading session. The metal touched a record level of 3,39,927 rupees per kg. During the intraday session, the price saw a massive jump of 12,638 rupees. Although it settled slightly lower at 3,34,699 rupees by the end of the day, the. Net gain remained a staggering 7,410 rupees compared to the previous close of 3,27,289 rupees.
The Math Behind the 1 Lakh Hike
Analyzing the data reveals a shocking trend. On the last trading day of the previous year, silver was priced at 2,35,701 rupees. By January 23rd, it hit the 3,39,927 mark. This translates to an increase of 1,04,226 rupees in just 23 days, representing a 44. 22% growth. Effectively, silver has become dearer by an average of 4,531 rupees every single day in January 2026. This pace of appreciation is unheard of in the history of precious metals.
Global Markets: Silver Crosses $100
The rally isn't confined to India. In the international arena, silver has breached the psychological barrier of $100 per ounce. At New York's COMEX, silver prices surged over 5% to reach $101, while 33 per ounce. Silver spot prices went even higher, jumping 7. 22% to $103. 19. Similar trends were observed in European and British markets, where prices rose by over 6%, while analysts attribute this to a combination of high industrial demand for green energy technologies and global economic shifts.
Impact on Local Bullion Markets
In the national capital, Delhi, the bullion market saw silver prices jumping by 9,500 rupees in a single day, reaching 3,29,500 rupees per kg, while earlier in the week, it had touched a local record of 3,34,300 rupees. In Delhi alone, silver has become expensive by 90,500 rupees within this month. Market experts warn that while the trend is bullish, extreme volatility is expected in the coming weeks, advising retail buyers to be cautious.