Silver Price Today 23 January 2026: Silver prices delivered a stunning performance on January 23, 2026, scaling fresh record highs in both international and Indian markets. The white metal has emerged as one of the strongest-performing commodities of the year, driven by a powerful mix of safe-haven buying, industrial demand, and global supply concerns. Investors are increasingly turning to silver as a hedge against economic uncertainty, while manufacturers continue to rely heavily on it for green and high-tech applications.
In the global market, spot silver on Comex jumped close to the psychological $100 mark, trading around $99 per troy ounce. The metal recorded a sharp daily gain of over 3%, while its monthly rise stood near 38%. On a year-on-year basis, silver prices have surged by more than 220%, underlining the scale of the ongoing rally.
Indian markets reflected the same bullish momentum. On the Multi Commodity Exchange (MCX), silver futures touched a lifetime high of nearly ₹3.40 lakh per kilogram before easing slightly to trade around ₹3.36 lakh per kg. The session still ended with strong gains of almost 3%, highlighting sustained buying interest from traders and investors. Physical silver prices across major cities remained elevated, with minor variations due to local taxes, transportation costs, and regional demand.
Silver Price Today 23 January 2026
| Market / City | Price |
|---|---|
| MCX Silver (Futures) | ₹3,36,650 per kg |
| MCX Intraday High | ₹3,39,927 per kg |
| Delhi (Physical) | ₹3,24,900 per kg |
| Mumbai (Physical) | ₹3,36,400 per kg |
| Chennai (Physical) | ₹3,36,770 per kg |
| International Spot | ~$99.07 per ounce |
The surge in silver prices is being fueled by multiple global factors. A weaker US dollar, expectations of interest rate cuts, and ongoing geopolitical tensions have strengthened its appeal as a store of value. At the same time, rising demand from solar power, electric vehicles, electronics, and clean energy technologies has tightened supply. Analysts also point to persistent production deficits, which could keep prices supported in the coming months.
Also Read: Gold Rate Today 23 January 2026: Latest 24K & 22K Prices Surge in India Amid Global Tensions
Market experts believe silver may soon test and potentially cross the $100 per ounce level if current trends continue. However, they also advise investors to remain cautious, as sharp price swings are common in commodity markets.
Disclaimer: Silver prices are indicative and subject to change based on market conditions. Investors should consult reliable sources or financial advisors before making investment decisions.
Yogesh Kolhe is a business and market news writer covering the share market, company earnings, and gold and silver price movements, with a strong focus on the automobile sector. A Mechanical Engineering graduate with 5 years of share market experience, he provides data-driven, reliable insights into market and industry trends.
