NEW DELHI, Jan 29, 2026 — In a historic milestone for the Indian commodities market, silver prices skyrocketed to an unprecedented high on Thursday, crossing the ₹4 lakh per kilogram mark for the first time in futures trade.
On the Multi Commodity Exchange (MCX), silver futures for March delivery surged by 5.73% to reach a record ₹4.07 lakh per kg, fueled by a powerful combination of aggressive industrial demand, tight global supplies, and a weakening US dollar. This rally in the “white metal” was accompanied by a massive spike in gold prices, which jumped 8.8% to a lifetime high of ₹1.80 lakh per 10 grams on the MCX. The domestic surge reflects a dramatic shift in international markets, where Comex gold futures cleared the $5,600-per-ounce threshold and silver climbed toward $120 an ounce.
Financial analysts attribute this extraordinary rally to heightened geopolitical tensions and economic uncertainty, which have driven investors toward precious metals as a safe haven, with silver significantly outperforming gold due to its dual role as both a store of value and a critical industrial component.
