🔴 UPDATE: Silver Crosses ₹400!
As of January 26, 2026 – Our projection proved accurate! Silver has now crossed the ₹400 psychological barrier, currently trading at ₹402.81/gram. The rally that started on Republic Day continues with strong momentum.
Key Highlights
- Silver now at ₹402.81 per gram – crossed ₹400 milestone ✅
- Rally extends for multiple consecutive sessions since Jan 24
- Republic Day buying kickstarted the momentum
- Global COMEX remains above $104/oz support
- ₹410-420 levels now in sight
Silver's Republic Day Gift to Investors
What a way to celebrate Republic Day! Silver prices have handed investors a pleasant surprise, crossing the ₹397 mark on January 26, 2026. If you'd bought silver on January 23rd, you're sitting on gains of nearly 4.5% in just three days.
But here's the thing – this isn't just festive euphoria. There are solid fundamentals backing this move.
Current Price Snapshot
| Metric | Value | vs Republic Day |
|---|---|---|
| Silver per Gram | ₹402.81 | ↑ ₹5.08 (+1.27%) |
| Silver per 10 Grams | ₹4,028 | ↑ ₹51 |
| Silver per Kg | ₹4,02,806 | ↑ ₹5,076 |
| COMEX (USD/oz) | ~$104.50 | ↑ 0.97% |
| USD/INR | ~₹92.10 | ↑ 0.22% |
Updated prices as of January 26, 2026. For real-time rates, check our live price tracker.
Why Silver Keeps Climbing
I've been tracking silver for over a decade, and this rally feels different. It's not panic buying or speculative frenzy – it's methodical accumulation driven by multiple converging factors.
The Dollar Factor
The US Federal Reserve's stance on interest rates has kept the dollar relatively stable, but not strong enough to crush commodities. This sweet spot has allowed precious metals to breathe.
When the dollar isn't aggressively strengthening, silver typically finds buyers. And right now, we're seeing exactly that.
Industrial Demand Isn't Slowing
Here's something most people miss – silver isn't just jewelry and coins. Over 50% of silver demand comes from industrial applications:
- Solar panels – Each panel needs about 20 grams of silver
- Electronics – Your smartphone has silver in it
- Electric vehicles – EVs use 25-50 grams more silver than traditional cars
- 5G infrastructure – Base stations and equipment rely on silver's conductivity
India's push toward renewable energy means more solar installations, which means more silver demand. Simple math.
The Rupee Story
The Rupee sitting at ₹91.90 against the dollar isn't helping importers. India imports over 6,000 tonnes of silver annually – one of the world's largest importers. A weaker rupee makes every gram costlier.
What's keeping the Rupee under pressure?
- Foreign investors booking profits in Indian equities
- Crude oil prices staying elevated
- Global risk-off sentiment pushing money toward dollar assets
Festive and Wedding Season Overlap
Republic Day falls right in the middle of India's wedding season. January and February are peak months for gold and silver jewelry demand. Jewelers have been restocking, adding buying pressure.
How This Rally Compares
Let's put ₹402.81 in perspective:
| Period | Silver Price | Change |
|---|---|---|
| January 23, 2026 | ~₹380 | – |
| January 24, 2026 | ₹380.08 | +0.02% |
| January 26 (Republic Day) | ₹397.73 | +4.65% |
| Current | ₹402.81 | +6.0% |
| January 2025 (avg) | ~₹310 | +29.9% YoY |
| All-time High (2024) | ₹420+ | –4.1% |
We've crossed the psychological ₹400 barrier! Now only ~4% away from all-time highs.
What the Charts Say
For those who follow technical analysis, here's what stands out:
Bullish Signals:
- Silver broke above the 20-day moving average
- RSI at 68 – strong but not overbought
- MACD showing positive momentum
- Volume supporting the price action
Resistance Levels:
- Immediate: ₹405 (short-term)
- Next: ₹410 (previous swing high)
- Major: ₹420 (all-time high zone)
Support Levels:
- First: ₹400 (now support! ✅)
- Second: ₹390 (recent consolidation)
- Strong: ₹380 (breakout point)
City-Wise Prices (Updated)
Silver prices vary slightly across cities due to local taxes and logistics:
| City | Price/Gram | Price/Kg |
|---|---|---|
| Mumbai | ₹405.16 | ₹4,05,160 |
| Delhi | ₹403.01 | ₹4,03,010 |
| Chennai | ₹403.81 | ₹4,03,810 |
| Bangalore | ₹403.51 | ₹4,03,510 |
| Kolkata | ₹403.31 | ₹4,03,310 |
| Hyderabad | ₹403.41 | ₹4,03,410 |
| Ahmedabad | ₹403.11 | ₹4,03,110 |
Should You Buy at ₹402?
This is the million-rupee question everyone's asking. Here's my honest take:
Arguments FOR Buying
- Trend is your friend – Momentum continues upward
- ₹400 now support – What was resistance is now support
- Wedding season – Demand typically stays strong till March
- Industrial tailwinds – Solar and EV demand aren't temporary
- All-time high proximity – Only ~4% away from ₹420
Arguments for WAITING
- ₹405-410 resistance – Next barrier could trigger profit-booking
- Extended rally – +6% in days; corrections happen
- Global uncertainty – Geopolitical events can swing prices quickly
- FOMO isn't strategy – Buying at highs increases risk
My Suggestion
If you're a long-term investor (3+ years horizon), don't time the market. A systematic investment approach – buying fixed amounts regularly regardless of price – beats trying to catch bottoms.
For short-term traders, wait for a pullback to the ₹390 zone before adding positions.
Use our Silver Calculator to plan your purchase.
Budget 2026 – The Elephant in the Room
Everyone's watching Finance Minister's announcements on February 1. What could impact silver?
Potential Positive Scenarios:
- Reduced import duty on silver (currently 15%)
- Increased allocation for solar energy projects
- GST rationalization for jewelry sector
Potential Negative Scenarios:
- Import duty hike to control CAD
- New taxes on precious metals trading
- Stricter KYC for large transactions
Whatever happens, silver will react. That's why many traders are building positions NOW, ahead of the budget.
Read our detailed Budget 2026 analysis →
Quick Reference: Silver Weight Conversions
For quick calculations (at ₹402.81/gram):
| Measure | Weight | Today's Value |
|---|---|---|
| 1 Tola | 11.664g | ₹4,699 |
| 1 Pavan | 8g | ₹3,222 |
| 100 Grams | 100g | ₹40,281 |
| 1 Kg | 1000g | ₹4,02,810 |
Expert Take
"Silver crossing ₹400 confirms what we've been saying – this rally has legs. With industrial demand from solar and EVs being structural, not cyclical, and the ₹400 level now acting as support, we could see ₹420 (all-time highs) tested soon."
— SilverInfo Research Desk
Related Tools for Smart Decisions
| Tool | What It Does |
|---|---|
| Price Calculator | Calculate purchase cost with making charges & GST |
| Investment Tracker | Monitor your profit/loss in real-time |
| Break-Even Calculator | Find your break-even selling price |
| Live Price Dashboard | Real-time prices with historical charts |
The Bottom Line
Silver crossing ₹400 after Republic Day 2026 validates our earlier prediction. This isn't just a nice headline – it reflects genuine demand from industrial buyers, festive purchasing, and global macro tailwinds.
₹400 is done. Now the question is: Will ₹420 (all-time high) come next? If the budget is kind and global factors cooperate, absolutely yes.
Three Things to Do Today:
- ✅ Check live prices before transacting
- ✅ Use calculators to estimate exact costs
- ✅ Don't rush – quality decisions beat quick decisions
Happy Republic Day! 🇮🇳
Disclaimer: This analysis is for educational purposes only and not financial advice. Silver prices are volatile and past performance doesn't guarantee future results. Always consult a qualified financial advisor before investing.
Last updated: January 26, 2026, 5:30 PM IST