Silver Market Update - January 2026
🔴 LATEST (January 26, 2026): Silver has surged to ₹397.73/gram, rallying +4.65% in just 3 days! The precious metal hit a fresh monthly high on Republic Day amid strong pre-budget buying and festive demand.
For live silver prices, check our real-time price tracker which auto-refreshes every 30 seconds with prices calculated from international COMEX rates and current forex data.
Current Market Conditions (Updated Jan 26)
Silver has broken out of its range-bound pattern and is now in a strong uptrend:
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Strong Industrial Demand: The electronics and solar panel sectors continue to drive significant silver consumption globally.
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Currency Dynamics: USD/INR movements directly impact domestic silver prices. A weaker rupee typically means higher silver prices in India.
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Seasonal Factors: Wedding season demand typically picks up in early months, supporting jewelry consumption.
Key Price Drivers This Month
| Factor | Impact on Price | January 26 Status |
|---|---|---|
| Industrial Demand | Bullish (↑) | Strong solar, EV demand |
| USD/INR Rate | Bullish (↑) | Rupee at ₹91.90 |
| Global Economic Outlook | Bullish (↑) | COMEX above $103/oz |
| Festive/Wedding Demand | Bullish (↑) | Republic Day + weddings |
| Investment Demand | Bullish (↑) | Pre-budget accumulation |
| Budget Expectations | Very Bullish (↑↑) | 6 days to Budget 2026 |
How Silver Prices Are Calculated
Our live prices are calculated using:
- International Spot Price: COMEX silver futures (USD/oz)
- Forex Rate: Current USD-INR exchange rate
- Import Duty: 6% (5% Basic Customs + 1% AIDC) – Budget July 2024
- IGST: 3% on silver
- Local Premium: ~10% for MCX alignment
This gives you an indicative price that's typically within 2-5% of actual market rates.
Investment Outlook
For investors considering silver in January 2026:
Positives:
- Industrial demand from solar and EV sectors remains robust
- Silver historically performs well during economic uncertainty
- Lower entry point compared to gold
Considerations:
- Higher volatility than gold
- Storage costs for physical silver
- GST (3%) applies on purchases
City-wise Variations
Silver prices can vary by ₹50-200 across Indian cities due to:
- Local taxes and levies
- Transportation costs
- Dealer margins
- Local demand conditions
Check our city-wise prices for rates in Mumbai, Delhi, Chennai, and other major cities.
How to Track Silver Prices
We recommend these approaches:
- Live Tracker: Use our homepage for real-time indicative prices
- Calculator: Our silver calculator helps calculate jewelry costs including making charges
- Daily Updates: Follow our Updates section for market analysis
Tax Implications
When buying silver in India:
| Tax Type | Rate | Applicable On |
|---|---|---|
| GST | 3% | All silver purchases |
| Making Charges GST | 5% | Labor/crafting charges |
| Capital Gains (Short-term) | As per slab | Sold within 3 years |
| Capital Gains (Long-term) | 20% with indexation | Sold after 3 years |
This is a market analysis article. For current silver rates, please visit our live price tracker which displays calculated prices based on international rates. Prices shown there are indicative and may vary from actual retail prices.