Silver Rates Fall First Time In 5 Days; But Silver Prices In Chennai, Hyderabad, Kerala Still Above Rs 4 Lakh

Silver rates in India crashed significantly, sending a shockwave towards metal stocks and commodity market on January 30. 1Kg silver dropped for the first time in five days, with price pulling back from Rs 4 lakh mark. However, in cities like Chennai, Hyderabad and Kerala, silver is still priced above Rs 4 lakh per 1Kg. The reason behind the latest sharp downfall in silver is due to profit booking and substantial rebound in dollar.

Silver Rates In India:

1Kg silver price tumbled by Rs 15,000 to Rs 3,95,000 on January 30, while 100 grams and 10 grams silver dipped by Rs 1,500 and Rs 150 to Rs 39,500 and Rs 3,950 respectively. Despite the latest decline, silver rates are still on the path to give more than 65% returns in January 2026.

Notably, silver prices are same in Chennai, Hyderabad and Kerala. On January 30, 1Kg silver plummeted by Rs 10,000 to Rs 4,15,000 from their previous day's record high level of Rs 4,25,000 per 1Kg.

Additionally, 100 grams and 10 grams silver prices in these cities registered a downside of Rs 1,000 and Rs 100 to Rs 41,500 and Rs 4,150 respectively. The price of 8 grams silver stood at Rs 3,320, down by Rs 80. But the cheapest silver is of Rs 415 per 1 gram, which is down by Rs 10.

What Is Impacting Silver Prices In India?

Silver fell about 4% toward $110 per ounce on Friday, retreating from all-time highs as investors locked in profits following the record rally, while rebound in the dollar added pressure on the metal. Despite the pullback, silver is on track to gain more than 50% in January, marking its best monthly performance on record and extending a winning streak to nine consecutive months. The rally has been fueled by persistent geopolitical and economic uncertainties, which boosted safe-haven demand, alongside a sharp depreciation in the dollar triggered by shifting policies in Washington and President Donald Trump's apparent indifference to the currency's weakness, as per Trading Economics.

Silver Rates In India Prediction:

As per Ponmudi R, CEO of Enrich Money, here is the outlook of silver rates in India and globally:

COMEX Silver Prices Outlook

COMEX Silver is trading around $108-$111, consolidating after testing record highs above $121.6. The metal remains in a strong rising channel, but the recent move has left prices overbought, resulting in quick rise-quick fall price action driven by aggressive profit booking.

Importantly, prices are holding above key moving averages, suggesting that the ongoing pause is a healthy consolidation rather than trend exhaustion. Support is placed in the $106-$108 zone, and a sustained breakout above $118-$121 could trigger the next impulsive move toward $125-$140 over the intermediate term. Structural supply deficits and industrial demand continue to underpin the bullish bias.

MCX Silver Price Outlook

MCX Silver futures have surged above Rs4,00,000, recently printing record highs near Rs4,20,048. The rally has been sharp and extended, pushing momentum indicators into extreme overbought zones, which is leading to heat-led consolidation and rapid intraday pullbacks.

However, the broader trend remains decisively bullish, with the steep rising channel intact and major EMAs providing strong dynamic support. The Rs3,55,000-Rs3,60,000 zone remains a critical base. Immediate resistance is seen near Rs4,15,000-Rs4,20,000, with potential extension toward Rs4,25,000 if momentum sustains. Dips continue to offer accumulation opportunities for positional participants.

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