Silver rate today: Silver rate today surged 6% on Wednesday, Janaury 28 to hit another record high, crossing 3.75 lakh/kg for the first time ever as the US dollar remained under pressure near multi-year lows, while investors stayed cautious ahead of the US Federal Reserve’s policy decision and ongoing geopolitical uncertainties. Weakness in the greenback made dollar-denominated commodities more attractive, lending support to precious metals across the board.
MCX Silver price rallied 6% to a new peak of ₹3,77,655.
In international markets, spot silver edged higher by around 0.6% to $113.63 an ounce, after touching a fresh all-time high of $117.69 earlier in the week. The white metal has already surged close to 60% so far this year, driven by a combination of strong investment demand, tight supply conditions and a weaker dollar environment.
Gold also extended its record-setting rally, breaking past the $5,200 level for the first time. Spot gold rose about 0.6% to $5,219.97 an ounce in early Asian trade, after hitting a new peak of $5,224.95. Prices have climbed more than 20% since the beginning of the year. US gold futures for February delivery jumped 2.6% to $5,216.80 an ounce, reflecting strong bullish sentiment.
Other precious metals also traded higher. Spot platinum gained 1.5% to $2,679.15 an ounce, after having touched a record high of $2,918.80 earlier in the week, while palladium rose 0.9% to $1,951.93 an ounce.
Meanwhile, the US dollar hovered near four-year lows amid what market participants described as a growing loss of confidence in the currency. Sentiment was further weighed down by a sharp drop in US consumer confidence, which fell to its weakest level in over 11 years, highlighting concerns around a slowing labor market and persistently high prices. Attention now remains firmly on the Federal Reserve, which is widely expected to keep interest rates unchanged at its January policy meeting, even as expectations build for lower rates later in the year.
