Today, Wednesday, January 28, silver prices rose. The price of 1 kg silver in India has reached ₹400,000. The rate of silver in Chennai is ₹400,000, while in Delhi it has reached ₹380,000. Further increase in the prices of gold and silver is expected in the coming days.
A huge jump is being seen in the prices of silver. On January 28, the price of silver rose by about 7.91 percent to $114 an ounce in the COMEX international market. Earlier on Monday, silver had also reached the level of $117 per ounce. Geopolitical tension and increase in industrial demand are being considered the main reasons behind this surge.
In the domestic market, silver futures on MCX opened at a record high on Wednesday. Silver opened at an all-time high of ₹380,200 per kg, almost 5 per cent higher than the previous closing price. A day before this, on January 27, silver had reached a record high of ₹369,000 per kg.
According to the Indian Bullion Jewelers Association (IBJA), the price of silver at 6:30 pm on January 27 was ₹344,564 per kg. This is an increase of about 8.45 percent compared to the previous day. Silver prices remained almost the same in major cities of the country, with slight differences due to taxes and local charges.
Experts say that international tension is supporting silver prices. US President Donald Trump has given strong statements regarding tariffs related to Canada and South Korea. This has increased uncertainty among investors, due to which they are looking for safe investment options.
According to a report by Augmont Bullion, silver has already achieved its targets of $100 and $107. Prices may stabilize a bit in the near term, but they are still likely to reach $120 per ounce. Currently, $103 is considered a strong support level.