London, Jan 24, 2026, 17:02 (GMT) — The market has closed.
- Silver closed the week over $100 following a steep rally on Friday.
- Analysts noted a blend of haven buying, bets on rate cuts, and tight physical supply, but cautioned the rally seems overstretched.
- Attention turns to the Federal Reserve decision and U.S. inflation figures due later next week.
Silver prices climbed above $100 an ounce on Friday for the first time ever, ending a tough week for risk assets as investors flocked to safe havens amid renewed speculation of U.S. rate cuts. Spot silver (XAG/USD) jumped about 5%, hitting $100.94 a troy ounce by 1848 GMT. Gold also soared, hitting a record $4,988.17, while platinum set another fresh high. “Silver should continue to benefit from many of the same forces supporting gold investment demand,” said Philip Newman, director at Metals Focus. 1
Markets remain closed for the weekend. The real test arrives Monday when Asia opens, as the metal attempts to hold above $100 without the rush of fresh headlines.
The round number is key since silver behaves like two different assets: a precious metal during market jitters and an industrial commodity when manufacturing demand shifts. It often amplifies moves sparked by gold—and sometimes goes too far.
StoneX analyst Rhona O’Connell described the rally as a “self-propelled frenzy,” warning the market is showing “amber wealth warnings.” Spot silver hit around $101 on Friday, rising 5.1% for the day and up roughly 40% in 2026, following a 147% jump last year. The gold-silver ratio, which measures how many ounces of silver buy an ounce of gold, has plunged from 105 in April down to 50. Bank of America strategist Michael Widmer values silver at a “fundamentally justified” $60, while BNP Paribas’s David Wilson expects profit-taking “sooner rather than later.” Meanwhile, COMEX silver inventories have shrunk to 418 million ounces from 532 million in October. 2
A weaker U.S. dollar and looming Fed rate cuts helped push bullion higher this week, even as geopolitical risks continued supporting safe-haven demand. “Silver has a far more compelling fundamental narrative than gold,” said Nikos Tzabouras, senior market analyst at Tradu. Peter Grant from Zaner Metals noted the combination of “geopolitical tensions” and a “generally weak dollar,” along with expectations for Fed easing. 3
For silver, the immediate indicator is physical flow. Traders are keeping an eye on whether the metal begins shifting back into traditional channels and if ETF demand remains strong once the price stops being “cheap” on a per-unit basis.
Investors face a key milestone Wednesday as the Federal Reserve wraps up its Jan. 27-28 meeting. The Fed plans to announce its decision at 2:00 p.m. ET on Jan. 28, with a press conference set for 2:30 p.m. 4
The U.S. producer price index for December is set to drop on Jan. 30 at 8:30 a.m. ET, according to the Labor Department’s schedule. 5
With trading paused until Monday, the key question is whether silver can stay above $100 or if the weekend will cool the rally. The next major event comes Jan. 28, when the Fed and the dollar could determine how far this run can go.
