Silver prices have surged to historic levels, grabbing the attention of investors across global and domestic markets. On January 23, silver touched an all-time high in the international market, raising an important question for buyers and traders alike: Is this the right time to invest in silver, or should caution prevail?

Silver Reaches Record Levels in Global Markets

In early trading on January 23, silver prices climbed to a new lifetime high in the international market. The metal jumped to $98.98 per ounce, marking a rise of nearly 3 percent compared to the previous close. This sharp upward movement reflects renewed interest in silver amid ongoing global uncertainties.

Experts point out that geopolitical tensions, trade-related concerns, and strong industrial demand are the key factors driving silver prices higher. With silver being widely used in electronics, renewable energy, and manufacturing, rising industrial consumption continues to support prices even during volatile market conditions.

Volatility Returns After Profit Booking

Despite hitting record highs, silver has witnessed noticeable fluctuations. Market participants have engaged in profit booking after the sharp rally, leading to increased volatility. Analysts say that silver is a fast-reacting commodity, often correcting sharply once global risks ease or when investors decide to lock in gains.

According to market experts, silver has already seen a correction of nearly 8 percent from its peak levels. This indicates that while the long-term outlook remains positive, short-term price movements may continue to be unstable.

Expert Advice: Avoid Rushing Into Fresh Purchases

Market specialists are advising investors to avoid rushing into fresh silver purchases at current levels. Technical indicators do not yet support aggressive buying, and traders appear to be reducing long positions. Analysts suggest that it may be wiser to wait for prices to stabilize near key support levels before entering the market.

Experts emphasize that silver should ideally be bought during dips rather than at peak levels. If the metal manages to hold above crucial support zones, selective buying during price corrections could offer better risk-reward opportunities.

Indian Silver Prices Show Sharp Fluctuations

In the Indian market, silver prices have shown significant ups and downs. According to data from the Indian Bullion Jewellers Association (IBJA), silver prices stood at ₹2,99,711 per kilogram on the evening of January 22. This represents a drop of nearly 6 percent within 24 hours. Just a day earlier, silver prices were trading above ₹3.19 lakh per kilogram.

The sudden decline is largely attributed to profit booking after the metal touched elevated levels. Domestic prices are also influenced by international trends, currency movements, and local demand.

MCX Silver Futures Remain Firm

In the futures market, silver maintained strength on the Multi Commodity Exchange (MCX). On Thursday, silver futures closed at ₹3,26,500 per kilogram, registering a gain of around 2.5 percent from the previous session.

Earlier this week, on January 21, silver futures on MCX had reached a record high of ₹3,35,521 per kilogram. While prices have eased slightly since then, the overall trend remains positive amid global support factors.

City-Wise Silver Prices in India on January 23, 2026

Silver prices remained largely uniform across major Indian cities, with minor variations due to taxes, transportation costs, and jewellers’ margins. Below are the prevailing rates for 1 kilogram of silver:

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  Chennai: ₹3,60,000

  
  


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  Mumbai: ₹3,40,000

  
  


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  Delhi: ₹3,40,000

  
  


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  Kolkata: ₹3,40,000

  
  


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  Bengaluru: ₹3,40,000

  
  


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  Hyderabad: ₹3,60,000

  
  


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  Kerala: ₹3,60,000

  
  


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  Pune: ₹3,40,000

  
  


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  Ahmedabad: ₹3,40,000

  
  

What Lies Ahead for Silver Prices?

Market participants believe that silver will continue to remain in focus due to global economic uncertainties and rising industrial demand. However, experts caution that short-term corrections are possible, especially if global tensions ease or investor sentiment shifts.

For investors, patience appears to be the key. Instead of chasing record highs, monitoring support levels and entering during price dips may prove to be a more balanced strategy.