Silver prices experienced a slight dip on January 1st, starting the new year with a muted trend. Despite this pullback, volatility remains high due to ongoing geopolitical developments influencing safe-haven demand. Factors such as central bank buying, anticipated Federal Reserve rate cuts, tariff concerns, and strong ETF inflows are key drivers. Limited availability of deliverable silver is also supporting prices amidst near-term consolidation. Prices vary across major Indian cities, with Delhi, Bengaluru, Mumbai, Pune, and Kolkata reporting Rs 238 per gram.