Silver Rate Latest Update: 23rd January 2026
The unabated rise in silver continued on January 23 as the silver rate in Delhi surged to a record high level amid an over ₹9000 per kg rise in the white metal today. The trigger for the silver price rise remained sustained safe-haven buying, its industrial usage, along with a weak US dollar.
As a result, silver prices in Delhi topped ₹335,000 per kg today. Going ahead, while the outlook remains firm, analysts advise caution amid the massive bull run.
“While silver’s dual role as a precious and industrial metal positions it as a potent return enhancer, its historical volatility suggests that retail investors should approach the recent rally with caution. Rather than a core hedge, silver is currently best suited for tactical exposure or as a specialised component of a diversified portfolio,” advised Tapan Patel, Fund Manager-Commodities at Tata Asset Management.
Ponmudi R, CEO of Enrich Money, however, said that MCX silver price continues to exhibit high-beta leadership, absorbing every minor correction with ease. The rising channel remains very steep, with the 20-day EMA near ₹3,24,000 providing strong dynamic support, he said.
A sustained trade above ₹3,40,000 keeps the bullish momentum firmly intact, according to the expert. “Immediate upside targets are placed at ₹3,50,000 – ₹3,60,000, with further extension possible toward ₹3,70,000 – ₹3,75,000 over the coming months. Any pullback toward ₹3,28,000 – ₹3,20,000 should be viewed as a high-conviction accumulation zone,” he opined.
Silver Rate Latest Update: 22nd January 2026
Silver rate in Delhi witnessed a sharp correction in the domestic spot and futures market today, January 22, as investors booked profit amid easing geopolitical concerns. The pullback followed after Donald Trump ruled out military action and avoided tariff threats on the EU trade amid the tussle over Greenland. Moreover, the US dollar also rose, dimming the appeal of precious metals for holders of other currencies.
After trending almost 2.3% lower on COMEX, silver prices had rebounded over 1% in afternoon trade. This also rubbed off on the domestic silver rate in Delhi today, as it rebounded from the day’s low.
Going ahead, analysts at Kotak Securities believe that despite the fall in silver today, lingering uncertainty due to political pressure on the Fed, weaker-than-expected U.S. pending home sales, and renewed fiscal concerns after a sharp selloff in Japanese government bonds continue to sustain safe-haven interest. This, they believe, will continue to drive demand for silver.
Meanwhile, Ponmudi R, CEO of Enrich Money, on January 22 said that MCX silver price remains entrenched in a strong bullish channel, with consistent buying emerging on dips. “The metal continues to outperform as a high-beta precious metal play. Sustained strength above ₹3,15,000 keeps the upside bias intact, with breakout targets placed at ₹3,35,000 – ₹3,50,000 and beyond,” he noted. On corrective declines, he expects silver to move below ₹3,00,000, which could lead to a test of the ₹2,90,000 – ₹2,80,000 zone, where fresh accumulation is likely to emerge.