Silver rate today: Silver price today surged sharply to cross ₹4 lakh mark on Thursday, January 29 after rising another 4%, as escalating geopolitical tensions and supportive global cues boosted demand for safe-haven assets.
On MCX Silver jumped 4% to hit another new high of ₹4,00,780.
The rally came amid reports of former US President Donald Trump threatening military action against Iran, alongside a firm US Federal Reserve policy stance and a softer dollar, all of which supported precious metals. On the policy front, the US Federal Reserve kept interest rates unchanged on Wednesday, in line with market expectations. Fed Chair Jerome Powell said inflation in December was still likely well above the central bank’s 2% target.
In global markets, silver prices came close to the $120-per-ounce mark. Spot silver climbed 1.1% to $117.87 an ounce, after touching a record high of $119.34 earlier in the session. The white metal has now gained over 60% so far this year, supported by strong investor demand for cheaper alternatives to gold, persistent supply constraints, and momentum-driven buying.
The broader safe-haven rally also pushed gold to fresh record levels. A weaker US dollar, driven by speculation that the US President is comfortable with a softer greenback, further aided the surge.
In domestic markets, Gold prices ….
Gold prices jumped more than $300 to cross $5,588.71. Gold has now risen more than 27% this year, following a sharp 64% gain in 2025. Spot gold surged 2.7% to $5,542.29 an ounce by 0149 GMT, after hitting a record high of $5,591.61 earlier in the day.
Among other precious metals, spot platinum rose 1% to $2,723.40 an ounce, after touching a record high of $2,918.80 on Monday. Palladium, however, slipped 1.6% to $2,041.20 an ounce.
US-Iran Tensions
US President Donald Trump on Wednesday pressed Iran to reopen negotiations over its nuclear programme, warning that any future military action by Washington would be significantly more severe if Tehran refused to engage. His remarks came amid reports of increased U.S. military deployments in the Middle East.
Trump, who withdrew the US from the 2015 nuclear agreement during his first term, recalled that his previous warning to Iran was followed by a military strike earlier this year. He said time was running out for diplomacy and urged Tehran to reach an agreement that rules out nuclear weapons. “The next attack will be far worse,” Trump wrote on social media.
Iran responded with strong warnings of its own. Ali Shamkhani, an adviser to Supreme Leader Ayatollah Ali Khamenei, said any U.S. military action would trigger retaliation against the United States, Israel and their allies. Foreign Minister Abbas Araqchi added that Iran’s armed forces were fully prepared to respond to any aggression, while reiterating openness to a fair nuclear deal without coercion.
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