Silver prices continued their strong upward momentum on Wednesday, January 21, 2026, remaining close to record-high levels in both domestic and international markets. Driven by global geopolitical tensions, trade war concerns, and rising demand for safe-haven assets, silver has emerged as one of the top-performing commodities this year.

So far in 2026, silver prices have climbed by nearly 30 percent, reflecting growing investor interest amid economic and political uncertainty worldwide. In India’s bullion market, silver prices have surged to around ₹3,40,000 per kilogram, underlining the strength of the ongoing rally.

Silver Prices Today: Key Highlights

On Wednesday, silver prices in the domestic market recorded a sharp rise of nearly ₹5,100 per kilogram. This jump has kept prices hovering near historic highs, signaling strong bullish sentiment.

In the international market, silver was seen trading at around $93.79 per ounce during the morning session on January 21. Although this was about 0.9 percent lower than the previous closing price, silver continues to trade close to its all-time peak. Just a day earlier, on January 20, silver touched a fresh record high of $95.53 per ounce, highlighting the intensity of the recent rally.

Market experts attribute this surge primarily to heightened global uncertainty, which has pushed investors toward precious metals such as gold and silver as safe investment options.

Domestic Market Performance on MCX

In the Indian derivatives market, silver prices also made headlines. On Tuesday, silver contracts on the Multi Commodity Exchange (MCX) hit a new lifetime high of ₹3,27,721 per kilogram during intraday trade.

However, due to some profit booking at higher levels, prices eased slightly by the end of the session. Silver eventually closed at around ₹3,23,200 per kilogram, marginally lower by nearly 0.15 percent compared to the previous close. Despite this minor pullback, the overall trend remains strongly positive.

Global Factors Driving Silver’s Rally

One of the major reasons behind the surge in silver prices is rising geopolitical and trade-related uncertainty. Recent statements by former US President Donald Trump regarding Greenland, along with threats of imposing tariffs on several European countries, have unsettled global markets.

These developments have intensified fears of a renewed trade war, prompting investors to move away from riskier assets and allocate more funds to traditional safe havens such as silver and gold. As a result, demand for silver has increased significantly, supporting higher prices.

In addition, expectations of lower interest rates in major economies and concerns over global inflation have further strengthened the appeal of precious metals.

What Do Experts Say About Silver’s Outlook?

Market analysts believe that silver has recently crossed an important technical level, which could open the door for further upside in the coming weeks and months.

According to experts, silver prices could potentially rise to $99–$100 per ounce in the near term if global uncertainty persists. Over the longer term, some analysts do not rule out the possibility of silver touching levels as high as $107 per ounce, provided macroeconomic conditions remain supportive.

On the downside, if prices witness a correction, the $86.5 per ounce level is considered a strong support zone. As long as silver holds above this level, the broader bullish trend is expected to remain intact.

Silver Prices in Major Indian Cities Today

Silver prices across major Indian cities remained largely uniform on January 21, 2026. Minor variations were observed due to factors such as local taxes, jewellers’ margins, and transportation costs, but overall price differences were minimal.

Here are the silver rates in key cities (per kilogram):

• Chennai: ₹3,40,000

• Hyderabad: ₹3,40,000

• Kerala: ₹3,40,000

• Mumbai: ₹3,20,100

• Delhi: ₹3,20,100

• Kolkata: ₹3,20,100

• Bengaluru: ₹3,20,100

• Pune: ₹3,20,100

• Ahmedabad: ₹3,20,100

Investor Takeaway

Silver’s strong performance in 2026 highlights its growing role as both an industrial metal and a safe-haven asset. While short-term volatility cannot be ruled out due to profit booking, the broader outlook remains positive, supported by global uncertainty, strong demand, and favorable technical indicators.

Investors are advised to closely monitor international developments and price levels, as these will continue to influence silver’s direction in the near future.