Silver futures surpass ₹4 lakh per kg mark in India, gold advances to new lifetime high of above ₹1.8 lakh per 10 gram

Silver prices surpassed the ₹4 lakh per kg mark in India for the first time on Thursday, January 29, hitting a new record high of ₹4,08,487 per kg during the early morning session on the Multi Commodity Exchange.

The white metal contracts rose by 5.9%, adding ₹23,121 per kg in a single day, rallying for the fifth consecutive session.

Silver futures for the March expiry have climbed nearly 71% since the start of this month, growing from ₹2,39,000 per kg on January 1, 2026.

In the last four sessions, silver has advanced by 24.8% (₹81,198), growing from ₹3,27,289 per kg on January 22.

Meanwhile, gold futures for February expiry climbed 8.9% in a single session, rising to a new lifetime high of ₹1,80,779 per 10 gram on Thursday on the MCX. The contracts closed at ₹1,65,915 per 10 gram on Wednesday. Since the start of 2026, gold futures have added over 31.2%.

Gold contracts for April delivery rose by as much as 8.9% to a new peak of ₹1,93,096 per 10 gram.

In Delhi, silver climbed for the third straight session on Wednesday, rising by ₹15,000 to an all-time high of ₹3,85,000 per kg after closing at ₹3,70,000 per kg on Monday.

Gold prices also soared, adding ₹5,000 (3%) to hit a new record high of ₹1,71,000 per 10 gram in Delhi on Wednesday.

Why are gold and silver rising?

The precious metals continued their bull run on Thursday, boosted by strong investor demand and record gains in the overseas markets.

Gold and silver are safe-haven metals; their demand rises during uncertain situations. In the current geopolitical scenario, the safe-haven demand for precious metals is strong, driven by rising tensions in Iran and falling currencies.

On Wednesday, US President Donald Trump warned Iran that 'time is running out' to strike a deal on nuclear weapons, as any future attack by the US would be 'far more severe'. Hopefully Iran will quickly 'Come to the Table' and negotiate a fair and equitable deal, President Trump said.

Meanwhile, the US Federal Reserve maintained the rates on Wednesday, despite high hopes for further cuts.

International markets

In the overseas markets, gold futures on the Comex surpassed the crucial $5,600 per ounce mark for the first time, rising by $286.6 (5.4%) to a new all-time high of $5,626.8 per ounce.

Comex silver futures also grew to a fresh record high, rising to $119.51 per ounce in the international market.

According to analysts, increased industrial demand in silver and a weak US dollar supported the white metal. Silver has been consistently gold in terms of returns for nearly a year, primarily due to the widening supply-demand gap in the global markets.

Silver is used in crucial industries like electric vehicles (EVs) and solar, resulting in a high demand for the white metal. Combined with supply shortages across the globe, the precious metal has been touching new highs in every other session.