New York, Jan 21, 2026, 10:25 ET — Regular session
Silver prices dropped on Wednesday, with spot silver—the price for immediate delivery—slipping 1.6% to $93.46 an ounce by 10:28 a.m. ET.
The drop follows silver’s record peak of $95.87 yesterday, with gold breaking above $4,800 an ounce as investors sought refuge in safe-haven assets—those that typically draw buyers during market jitters. “There’s a bit of fear of missing out on this trade,” said Bob Haberkorn, senior market strategist at RJO Futures. ANZ commodity strategist Soni Kumari noted a move to “a three-digit number” could happen but warned it’s “not … a one-way move.” Reuters
The U.S. dollar remained pressured, leaving precious metals in the spotlight despite volatile price moves. The dollar index, tracking the greenback against key currencies, slipped 0.15%. Meanwhile, XAG/USD fluctuated between $93.37 and $95.52 during the session.
Rate expectations are still in play. A Reuters poll released Wednesday found all 100 economists surveyed expect the Federal Reserve to keep its benchmark rate steady at 3.50%-3.75% during the Jan. 27-28 meeting. Most also anticipate rates will stay put through the first quarter. Nomura economist Jeremy Schwartz noted, “the economic outlook … suggests the Fed should remain on hold.” Reuters
In India’s physical markets, premiums surged as buyers and dealers scrambled for supply ahead of potential policy shifts. Dealers pushed silver premiums to a record $8 an ounce. “People are speculating that the government may raise import duties on gold and silver,” said Chanda Venkatesh, managing director of bullion merchant CapsGold. IBJA president Prithviraj Kothari added that short sellers were squeezed by rising prices, forcing them to cover positions. Reuters
Silver-linked stocks pulled back following a sharp rally the day before. The Global X Silver Miners ETF dropped 1.3% in morning trading, slipping after a 5.1% surge on Tuesday, data from Stock Analysis show.
Shares of Pan American Silver, a major U.S.-listed player in the sector, climbed 6.2% on Tuesday and held steady on Wednesday, according to Investing.com data.
The broader rally has been intense. Fortune’s daily snapshot listed silver at $94.12 per ounce at 8:30 a.m. ET, a drop from the previous day’s level but still sharply higher than a year ago.
That pullback underscores the risk for latecomers: silver’s surge came quickly, driven largely by headlines. If geopolitical tensions ease or the dollar strengthens, the metal could lose gains just as fast, particularly with volatility running high.
Traders are eyeing the Fed’s policy meeting on Jan. 27-28 as their next key event, with minutes due out Feb. 18.
