Silver rate today hits 15% lower circuit on MCX on firm dollar; down ₹80,000 from record high - Opportunity to buy?

Silver price today: Silver prices crashed on Friday, January 30 hitting its 15% lower circuit as a firmer US dollar weighed on sentiment, even as the metal remained on course for a historic month.

On MCX, Silver price shed ₹59,983 to hit its lower circuit of ₹3,39,910 after hitting a record high of ₹4,20,048/kg in the previous session (January 29). It is now down 19% or over ₹80,000 from its record high.

Globally, Silver fell below $100 an ounce, snapping a blistering rally. The white metal fell more than 2% toward $98 an ounce. Spot silver was down 14.1% at $99.77 an ounce after hitting a record $121.64 on Thursday.

The pause in the rally today came after the dollar index climbed nearly 0.50% after US President Donald Trump and Democrats reached an agreement late Thursday to avoid a partial government shutdown. The US Federal Reserve’s decision to maintain a status quo on interest rates further supported the dollar, adding pressure on metal prices.

Fed Chair Jerome Powell said inflation in December was likely still above the central bank’s 2% target. Data showed weekly US jobless claims fell, signalling limited layoffs, even as subdued hiring kept labour market sentiment cautious. Moreover, geopolitical tensions also stayed elevated amid reports that US President Donald Trump is weighing options against Iran.

President Donald Trump is likely to nominate Kevin Warsh as the next Chair of the US Federal Reserve, Bloomberg News reported. Warsh, a former Federal Reserve governor known for his tough stance on inflation, has recently echoed the president’s views by publicly supporting lower interest rates.

Back home, MCX gold futures for February also tumbled 9% or ₹15,000 per 10 grams to ₹154,157 in the afternoon session. From all-time high levels, the yellow metal has crashed over ₹26,600 or 14.7%.

Gold prices saw a sharp sell-off, sliding more than 7% to fall below the $5,000 mark. Spot gold dropped 7.5% to $4,992.05 an ounce by 0947 GMT, while US gold futures for February delivery declined 6.4% to $4,985.

Among other metals, Spot platinum lost 15.7% to $2,216.55 an ounce after hitting a record high of $2,918.80 on Monday. Palladium, meanwhile, plunged 13.4% to $1,737.50.

Opportunity to buy?

Rajkumar Subramanian, Head – Product & Family Office at PL Wealth, highlighted the sharp rally in silver over the past year, noting that domestic prices have surged from around ₹1.5–1.6 lakh per kg in early 2025 to above ₹4 lakh per kg by late January 2026. This translates into gains of nearly 165–170% over the last 12 months, with prices hitting fresh record levels above ₹4 lakh per kg on January 29, 2026.

He attributed the rise to a combination of safe-haven demand, tight supply conditions and structurally rising industrial usage across sectors such as solar, electronics and manufacturing, which aligns closely with India’s growth trajectory. At the same time, he cautioned that silver carries higher risk, noting that “silver remains a volatile metal, with historical annualised volatility often in the 25–35% range, higher than gold.” Given the sharp run-up, he advised investors to consider staggered allocations instead of lump-sum investments to manage near-term correction risks while staying invested in silver’s long-term structural drivers.

Technical Target

From a technical perspective, Renisha Chainani, Head of Research at Augmont, said silver prices can consolidate here in the range of $108 to 120 before resuming its uptrend towards $125–130 ( ₹4,30,000–4,50,000). Key support lies at $108 ( ₹3,60,000), below which prices may retrace to $103–$98.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.