New York, January 23, 2026, 13:46 ET — Regular session underway.
- Silver hovered near $101 an ounce on Friday, climbing roughly 5% during the session.
- Precious metals remained under the spotlight amid ongoing geopolitical tensions and steady safe-haven buying in wider markets.
- Traders are focused on the Fed meeting set for Jan. 27-28, with the press conference coming Jan. 28.
Spot silver (XAG/USD) shot past $100 an ounce on Friday, last trading 5.1% higher at $101. Gold meanwhile climbed to a record $4,988. Silver has jumped roughly 40% in 2026 after soaring 147% last year, while the gold-to-silver ratio shrank to about 50 from 105 in April. StoneX analyst Rhona O’Connell called it “a self-propelled frenzy.” Reuters
Hitting the $100 mark is a big deal, given silver’s notorious volatility. Breaking that key threshold can trigger momentum buying and prompt shorts to cover fast. MarketWatch reported silver briefly reached $100.78 and “closed” at $100.64, up over 42% this month—its best rally since late 1979. “Short-term supply constraints are a critical driver,” noted Fawad Razaqzada at Forex.com. MarketWatch
The broader precious-metals complex was already firing on all cylinders when gold surged beyond $4,900 an ounce Thursday. The dollar’s retreat helped fuel the rally, alongside bets that the Federal Reserve will ease policy later this year. Nikos Tzabouras, senior market analyst at Tradu, noted that “silver has a far more compelling fundamental narrative than gold.” Reuters
Inflation figures have kept the rate-cut narrative in play. Core PCE inflation — the Fed’s favored measure — came in at 2.8% year-on-year for November, in line with expectations and slightly above the prior 2.7%, per Investing.com’s calendar. The BEA is set to release the next PCE data on Feb. 20.
Silver’s rally is making waves in proxy plays as well. The iShares Silver Trust (SLV), an ETF backed by physical silver and traded like a stock, climbed roughly 5.2% to $91.66 in U.S. trading. iShares reported holdings of 16,104.08 tonnes in the trust as of Jan. 22.
Futures followed the spot price climb, with Investing.com data showing silver futures rising roughly 4.8% during the session. Prices fluctuated between about $96.70 and just over $101.10. Spot prices, which represent immediate delivery, can differ from futures—contracts settled later—especially when market positioning tightens.
The bigger picture pushed things further. According to a Financial Times report, gold is on track for its strongest week since 2008, shaken by the Greenland standoff’s impact on the dollar. That turmoil also helped silver break past $100. The report noted the dollar index slid roughly 1.7% over the week.
Silver’s gains come with a catch: the higher it climbs, the more vulnerable it becomes. BofA strategist Michael Widmer pegged a “fundamentally justified” silver price near $60 but cautioned that industrial demand might weaken at that level. BNP Paribas strategist David Wilson flagged the risk of profit-taking kicking in “sooner rather than later,” especially if the squeeze on physical supply starts to ease. Investing.com
The Fed takes center stage next. The Jan. 27-28 meeting will drive moves in rates and the dollar, with traders dissecting the statement and the Chair’s tone for clues on whether easing is near—or still off the table.
