Silver has just shattered another record in India. On January 19, 2026, the white metal crossed the historic ₹3 lakh per kg threshold for the first time ever, reaching approximately ₹3,05,000 per kg (or ₹305 per gram) in major cities like Delhi, Mumbai, and Bengaluru. This dramatic surge—up over ₹12,000–₹13,000 in a single session—marks a pivotal moment for precious metals investors.
The rally isn’t isolated to India; global silver prices have been climbing steadily, driven by industrial demand and safe-haven flows. But with silver outperforming gold dramatically in recent months, the big question on everyone’s mind: Is this the beginning of a sustained bull run in 2026?
Why Silver Has Skyrocketed to ₹3 Lakh+ per Kg
Silver’s price explosion stems from a perfect storm of factors:
- Geopolitical Tensions and Safe-Haven Demand Escalating global trade uncertainties, including renewed US-Europe tariff threats, have pushed investors toward precious metals. Silver, often seen as “poor man’s gold,” benefits from this flight to safety alongside gold.
- Industrial Demand Boom Unlike gold (mostly monetary), silver has massive industrial uses—over 50% of demand comes from solar panels, electric vehicles (EVs), electronics, AI infrastructure, and green energy tech. Persistent supply deficits (five years running) and accelerating consumption have created a structural imbalance.
- Currency and Macro Factors A weakening US dollar and expectations of further rate cuts in 2026 lower the opportunity cost of holding non-yielding assets like silver. In India, a stable or depreciating rupee amplifies imported metal costs.Domestic Momentum In India, silver has surged nearly ₹1 lakh per kg in just weeks, doubling in value over the past year. This reflects strong retail and investor interest amid economic uncertainty.
City-wise rates today (January 19, 2026) show slight variations due to local taxes and demand:
- Delhi/Mumbai/Bengaluru: ~₹3,05,000/kg (₹305/gram)
- Chennai/Hyderabad/Kerala: Slightly higher at ~₹3,18,000/kg in some reports
Silver vs. Gold: The Ratio Tells the Story
The gold-silver ratio has dropped sharply from over 100 earlier in the cycle to around 60–70 now, signaling silver’s outperformance. Historically, when this ratio compresses, silver often leads the next leg of the bull market.
In 2025, silver surged over 140–170% while gold gained ~70%, underscoring silver’s higher beta (volatility) and upside potential.
What Experts Say: Bull Run Ahead in 2026?
Analysts are increasingly bullish:
- Industrial Demand + Supply Shortages → Persistent structural support.
- Forecasts → Some see silver hitting $95–$100/oz globally (₹2.5–3 lakh/kg in India) by year-end, with optimistic targets up to $135–$200/oz in extreme scenarios.
- Outperformance Potential → Silver could deliver stronger returns than gold in 2026, especially in the first half, due to green energy tailwinds.
However, risks remain: Profit booking at highs, potential short-term consolidation, or a stronger dollar could trigger corrections. Volatility is expected—silver’s price swings are notoriously sharp.
Should You Buy Now?
- For Investors → This milestone could mark the start of a multi-year bull run. Diversify with physical silver, ETFs, or futures, but avoid chasing at peaks.
- For Buyers (Jewellery/Coins) → Prices are at lifetime highs—wait for dips if possible, or buy small amounts regularly (rupee-cost averaging).
- Long-Term View → Silver’s dual role (monetary + industrial) positions it well for 2026 and beyond.
Silver’s breakthrough above ₹3 lakh/kg isn’t just a headline—it’s a signal that the white metal may finally claim its place in the spotlight. Whether this ignites a full-blown bull run depends on global developments, but the fundamentals look stronger than ever.
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Last Updated on: Monday, January 19, 2026 4:41 pm by Monisha Angara | Published by: Monisha Angara on Monday, January 19, 2026 4:41 pm | News Categories: Business
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