New York, Jan 23, 2026, 10:14 (EST) — The regular session is underway.
Silver prices edged closer to $100 per ounce in early New York trading on Friday. Spot silver climbed roughly 3.4% to $99.46 an ounce, with March silver futures on the COMEX trading near $99.61. 1
Silver remains close to its record peak following a surge that’s swept through precious metals. Earlier, silver reached an all-time high of $99.65, while gold held steady after brushing just under $5,000. Tai Wong, an independent metals trader, pointed to “anecdotal evidence of lines in Shenzhen” alongside robust retail demand in Turkey and Dubai as key drivers. 2
Behind the scenes, traders are driving gold higher on familiar themes—geopolitical tension and growing debate over U.S. policy. But silver’s story is different. “Silver has a far more compelling fundamental narrative than gold,” said Nikos Tzabouras, senior market analyst at Tradu, as silver surged to $96.58 an ounce Thursday. He highlighted safe-haven buying and a weaker dollar as key factors. 3
Silver’s rally is clearly reflected in ETFs and trusts. The iShares Silver Trust (SLV) hovered near $90.02, the Sprott Physical Silver Trust (PSLV) came in around $32.30, and the Amplify Junior Silver Miners ETF (SILJ) traded close to $38.26. 4
Silver occupies a tricky position for investors: it’s both a haven and an industrial commodity. This dual role makes it prone to sharper spikes than gold when cash flows shift, only to retreat just as swiftly when sentiment turns.
Rates remain the dominant external factor. The dollar index climbed 0.5% on the day, yet Fed funds futures show a 97% chance the Federal Reserve will keep rates steady at its upcoming meeting. The U.S. 10-year yield hovered near 4.233%. 5
The risk is straightforward: this rally is crowded and has been fierce. A sudden move in the dollar, a change in rate expectations, or even a pause in geopolitical news could trigger profit-taking in silver, which usually magnifies moves on both sides.
On Jan. 27–28, the Fed holds its two-day meeting, with the policy decision set for 2:00 p.m. and a press conference to follow at 2:30 p.m. on Jan. 28. 6
