NEW YORK, Jan 28, 2026, 10:27 EST — Regular session
- Spot silver climbed roughly 0.7% to hover around $113 an ounce, staying near Monday’s record peak
- Traders are on edge ahead of the Fed statement and Chair Jerome Powell’s briefing set for Wednesday
- Silver-linked ETF SLV edged higher in early NYSE trading
Spot silver rose $0.81, or 0.7%, hitting $112.90 an ounce in early U.S. trading Wednesday, after fluctuating between $110.59 and $116.24 during the session. 1
The next test is coming quickly. The metal’s been trading like a macro play, twitching with every twist in the dollar and shifts in U.S. rate expectations. Traders are holding light positions ahead of the Fed.
The softer dollar has driven the surge. “The rally in the precious metals has really taken on a life of its own,” said Peter Grant, vice president and senior metals strategist at Zaner Metals. Investors are holding their breath ahead of the Fed’s policy decision, even as fresh political tensions swirl around the central bank. 2
iShares Silver Trust (SLV) edged up 0.7% to $102.31, tracking the calmer mood in spot silver following Tuesday’s jump. This ETF, which moves like a stock, seeks to mirror the daily silver bullion price.
Wednesday’s quiet came after silver surged to a fresh high over two volatile days, only to plunge sharply. This kind of back-and-forth has been common across metals throughout the month.
Spot silver surged to a fresh high of $117.69 on Monday, after climbing 7.7% to $111.84 in the previous session. It’s now up more than 57% this year, following a 146% rise in 2025. Citigroup raised its near-term silver price forecast to $150 an ounce. Meanwhile, CME Group reported its metals complex hit a single-day volume record on Jan. 26, fueled by tariff concerns and an upcoming U.S. funding deadline that kept safe-haven demand strong. “There’s going to be a lot of volatility ahead, with risks of sharp pullbacks in silver,” warned Bank of America commodities strategist Michael Widmer. 3
India is emerging as a key area of interest for physical silver demand outside the U.S. market. Traders are betting on higher import duties soon, following a sharp rise in the country’s silver import bill. The nation depends on foreign sources for over 80% of its silver, according to a Reuters explainer. 4
Other precious metals hovered near record highs, buoyed by a mix of uncertainty, a weaker dollar, and strong speculative buying. Silver’s industrial demand, linked to electronics and solar, has kept the market on edge over any changes in growth forecasts.
The risk is clear: a hawkish shift from Powell or a bounce in the dollar could strike silver harder than gold. Silver’s been making bigger moves, and positioning appears crowded.
Traders are on alert for clues of stress: wider intraday swings, drying liquidity near Fed updates, and if ETF flows match the price moves.
The immediate trigger is the Federal Reserve: the policy statement drops at 2:00 p.m. EST, with Powell’s news conference set for 2:30 p.m. EST. 5
