London, Jan 26, 2026, 11:02 GMT — Regular session
Silver prices surged past $110 an ounce on Monday, marking a new record as investors rushed into precious metals, shunning the dollar. Spot silver hit $110.06 and was last up 6.2% at $109.36 by 0841 GMT. The market jitters were fueled by Trump’s fresh tariff threat—a 100% tariff on Canada linked to a possible China trade deal. Heraeus Metals trader Alexander Zumpfe warned the sharp rally could trigger “sharp interim corrections.” 1
Silver first broke through the $100 mark on Friday, and the rally has accelerated since, following a 147% surge in 2025. This jump matters because silver straddles the line between a safe-haven asset and an industrial commodity, meaning buying frenzies can quickly impact both investment portfolios and supply chains. 2
Currency markets pushed the action further. The dollar index, which tracks the greenback against six key currencies, dipped to a four-month low around 97.16, while the yen rallied to roughly 153.97 per dollar. A Reuters source revealed the New York Fed checked in with dealers on dollar/yen rates Friday—a move often viewed as a sign of possible intervention. Nomura’s Dominic Bunning called it “a more powerful driver.” 3
All eyes turn to the Federal Reserve’s two-day meeting starting Tuesday, as investors weigh if policymakers will resist growing bets on further easing this year. Reuters columnist Mike Dolan suggests the focus might shift away from the actual rate decision toward the political drama surrounding Fed independence—and the possibility that President Trump could name a successor to Chair Jerome Powell during the session. 4
Gold surged past $5,100 an ounce, pushing the entire metals complex higher, with platinum and palladium hovering near their record levels. Kyle Rodda, an analyst at Capital.com, described the move as driven by “a crisis of confidence” in U.S. leadership and assets. 5
Silver’s surge is fueling its own momentum: a weaker dollar lowers prices for overseas buyers, boosting demand for dollar-priced metals. At the same time, trend-following funds pile in on breakouts. But when the rally falters, that dynamic can reverse just as quickly.
Silver’s rally has been sharp enough that even a slight shift—a quieter geopolitical backdrop, a bounce in the dollar, or simple profit-taking—could send it tumbling. Traders are also keyed in on whether intervention talk materializes or fades, which would reset the currency side of the trade.
The Fed’s policy decision is set for Wednesday, Jan. 28, with the statement due at 2:00 p.m. ET and a press conference following at 2:30 p.m., per the central bank’s calendar. 6
