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Silver prices hit ₹4 lakh for first time ever
29 Jan 2026

Silver prices have surged past the ₹4 lakh mark today, hitting a new high of ₹4,00,780 on the Multi Commodity Exchange (MCX).

The sharp rise comes as geopolitical tensions and global market conditions drive demand for safe-haven assets.

The rally was fueled by US President Donald Trump's threats of military action against Iran and the US Federal Reserve's decision to keep interest rates unchanged, alongside a softer US dollar.

Global market influences and domestic response
Market impact

In international markets, silver prices approached the $120-per-ounce mark. Spot silver rose 1.1% to $117.87 an ounce after hitting a record high of $119.34 earlier in the session.

The white metal has gained over 60% this year due to strong investor demand for cheaper alternatives to gold, persistent supply constraints, and momentum-driven buying.

Back home, gold prices surged amid a weaker US dollar and strong demand for safe-haven assets.

US-Iran tensions and potential military action
Geopolitical conflict

Trump has urged Iran to return to the negotiating table over its nuclear program, warning that any future military action by Washington would be far worse if Tehran fails to comply.

His comments come amid reports of increased US military presence in the Middle East.

Iran has warned of retaliation against any US military action, with Foreign Minister Abbas Araqchi saying their armed forces are fully prepared for aggression but remain open to a fair nuclear deal without coercion.