Week at a Glance
| Metric | Value |
|---|---|
| Week | Jan 20-26, 2026 |
| Opening (Mon) | ₹380.50/gram |
| Closing (Sun) | ₹397.73/gram |
| Weekly High | ₹397.73/gram |
| Weekly Low | ₹378.50/gram |
| Week Change | ↑ +₹17.23 (+4.53%) |
| Average Price | ₹388.45/gram |
What Happened This Week
Market Trend
Silver showed strong bullish momentum this week, gaining over 4.5%. The rally was driven by multiple factors:
- Republic Day demand surge - Festive buying pushed prices higher
- Global COMEX rally - International silver crossed $103/oz
- Rupee depreciation - Weaker INR added to domestic prices
- Pre-budget positioning - Industrial buyers stocking up ahead of Union Budget
Outlook for Next Week
The bullish trend may continue into Budget week, though some profit-booking could lead to minor corrections after the sharp rally. Support lies at the weekly low of ₹378.50/gram.
Key trigger: Union Budget 2026 on February 1 - Watch for:
- Import duty changes on precious metals
- GST modifications affecting jewelry sector
- Solar energy incentives boosting industrial demand
Daily Price Movement
| Day | Date | Price (₹/gram) |
|---|---|---|
| Mon | Jan 20 | ₹380.50 |
| Tue | Jan 21 | ₹378.50 |
| Wed | Jan 22 | ₹350.33 |
| Thu | Jan 23 | ₹380.08 |
| Fri | Jan 24 | ₹385.20 |
| Sat | Jan 25 | ₹393.50 |
| Sun | Jan 26 | ₹397.73 |
Note: Mid-week volatility due to global market movements. Strong recovery in latter half.
City-Wise Weekly Closing Prices
| City | Price/Gram | Price/Kg | Making Charges |
|---|---|---|---|
| Mumbai | ₹397.73 | ₹3,97,730 | 8% |
| Delhi | ₹397.93 | ₹3,97,930 | 10% |
| Ahmedabad | ₹398.03 | ₹3,98,030 | 7% |
| Bangalore | ₹398.33 | ₹3,98,330 | 10% |
| Chennai | ₹398.53 | ₹3,98,530 | 12% |
Key Market Factors
Global Influences
- COMEX Silver: $103.26/oz (↑5.2% this week)
- USD/INR: ₹91.86 (Rupee weakened 0.3%)
- Strong ETF inflows into silver-backed funds
- Industrial demand from solar panel manufacturers
Domestic Factors
- Republic Day festive buying
- Pre-budget stockpiling by industries
- Wedding season demand building up
- MCX premium over COMEX at ~10%
Republic Day Special: Silver Trends
This Republic Day week saw exceptional silver demand:
| Factor | Impact |
|---|---|
| Festive Gifting | ↑ Retail demand surge |
| Auspicious Buying | ↑ Jewelry purchases |
| Investment Demand | ↑ Coins & bars sales |
| Industrial Stocking | ↑ Pre-budget buying |
Read our Republic Day analysis →
What Should You Do?
For Buyers
- Wait for pullback: Prices have rallied sharply this week
- Consider accumulating if prices correct to ₹385-390/gram
- Watch Budget announcements before large purchases
- Use our Silver Calculator to estimate costs
For Investors
- Track weekly trends for better entry points
- Use Investment Calculator for ROI analysis
- Consider SIP approach for long-term investing
- Review portfolio allocation ahead of Budget
For Sellers
- Favorable time: Weekly highs offer good exit points
- Compare buyback rates across jewelers
- Consider partial profit booking
- Use Break-Even Calculator to check selling price
Budget Week Preview
Union Budget 2026 will be presented on February 1, 2026. Key expectations:
| Area | Expectation | Impact on Silver |
|---|---|---|
| Import Duty | Currently 6% (July 2024) | Likely unchanged |
| GST on Jewelry | Status quo expected | Neutral |
| Solar Incentives | Likely boost | ↑ Industrial demand |
| Inflation Control | Key priority | Mixed impact |
Read our Budget impact analysis →
Related Tools
| Tool | Purpose |
|---|---|
| Live Dashboard | Real-time prices & charts |
| Silver Calculator | Calculate purchase cost with GST |
| Investment Calculator | Track your profit/loss |
| Tax Calculator | Estimate capital gains tax |
Looking Ahead: Budget Week
Next week's key events to watch:
- Feb 1: Union Budget 2026 announcement
- Global: US Fed policy signals
- COMEX: Silver futures expiry movements
- Domestic: Post-Republic Day demand patterns
Check live prices for real-time updates throughout the week.
Bottom Line
This week marked a significant rally in silver prices, with the metal gaining 4.5% amid Republic Day festivities and pre-budget positioning. While the trend remains bullish, investors should:
- ✅ Wait for dips to enter fresh positions
- ✅ Book partial profits if holding since lower levels
- ✅ Watch Budget announcements closely
- ✅ Use calculators for informed decisions
This weekly wrap covers January 20-26, 2026. Auto-generated based on market data. For the most current prices, always check our live dashboard.