Silver rallies 16,000 in a single day, reaching 2.91 lakh amid global volatility

The Indian bullion market witnessed a dramatic and historic rally on Wednesday, January 14, 2026, as silver prices skyrocketed by nearly ₹16,000 in a single trading session. This unprecedented surge pushed the "white metal" to the brink of the ₹3 lakh per kilogram milestone, a level previously deemed unreachable in such a short timeframe. On the Multi Commodity Exchange (MCX), silver futures for March delivery touched an intra-day high of ₹2,91,406 per kg, reflecting the extreme volatility and bullish sentiment currently dominating the commodity markets.

The primary driver behind this monumental jump is a combination of intensified geopolitical tensions and a massive supply crunch in the international market. Global silver prices crossed the $91 per ounce mark on the COMEX, fueled by fresh trade threats from the U.S. administration and concerns over Federal Reserve independence. In India, the domestic demand remained resilient despite the high prices, further aided by the celebratory mood of Makar Sankranti, which typically sees increased interest in precious metals.

In the physical market, the India Bullion and Jewellers Association (IBJA) reported a price hike of over ₹14,700 per kg. While the previous session closed at approximately ₹2,75,187, the prices jumped vertically within 24 hours to trade near ₹2,91,115 by Wednesday evening. Market analysts observed that silver has significantly outperformed gold in 2026 so far, delivering a return of over 19% in just the first two weeks of the year, compared to its position at the start of January.