New Delhi: Silver prices extended their blistering rally on Thursday, January 29, soaring 6 per cent to cross the Rs 4 lakh per kilogram-mark, while gold scaled a lifetime high of Rs 1.8 lakh per 10 grams, tracking record gains in the global markets amid escalating tensions in the Middle East.
Extending the gains for the fifth straight day, silver futures for March delivery surged by Rs 24,434, or 6.34 per cent, to a new record of Rs 4,09,800 per kilogram.
In the last five trading sessions, the white metal had surged Rs 91,308, or nearly 29 per cent, from Rs 3,18,492 per kg (closing price) recorded on January 21.
The rally in silver prices has been swift, with the white metal climbing from Rs 3 lakh to Rs 4 lakh within just eight trading days.
This year, the white metal has delivered a staggering return of 74 per cent.
Gold futures, too, joined the rally, with the February delivery appreciated by Rs 14,864, or nearly 9 per cent, to scale a record high of Rs 1,80,779 per 10 grams.
The April contract for the yellow precious metal jumped Rs 15,943, or 9 per cent, to hit a fresh record of Rs 1,93,096 per 10 grams.
“Gold’s surge beyond USD 5,600 (Rs 1,80,000 per 10 grams) and silver’s breakout above Rs 4,00,000 per kg reflect a deepening macro and geopolitical risk premium rather than short-term speculation,” Renisha Chainani, Head – Research at Augmont, said.
In the international market, the upswing in bullion prices was even more striking, with gold futures on the Comex surpassing the crucial USD 5,600 per ounce-mark for the first time.
In the intraday trade, the metal for April delivery gained USD 286.6, or 5.4 per cent, to scale a fresh peak of USD 5,626.8 per ounce.
Silver futures on the Comex also crossed the USD 120 per ounce mark for the first time in overseas trade.
The white metal for March delivery rose USD 7.03, or 6.2 per cent, to hit a record of USD 120.56 per ounce.
“Silver extended its blistering rally and cracked USD 120 on strong momentum and tight supply conditions,” Manav Modi Commodities Analyst Motilal Oswal Financial Services Ltd, said.
Meanwhile, US President Donald Trump urged Iran to return to negotiations on its nuclear programme, and warned that any future US military action would be far more severe.
Later, Iran responded sharply and threatened retaliation against the US, Israel, and their allies, adding another layer of market anxiety.
“This exchange has heightened fears of a broader regional escalation in the Middle East, reinforcing risk-off sentiment across global markets and strengthening safe-haven demand for assets such as gold and silver,” she said.
This post was last modified on January 29, 2026 5:15 pm