London, Jan 26, 2026, 16:04 GMT — Regular session
- Spot silver climbed past $111/oz, peaking above $112 earlier, marking roughly an 8% gain for the day
- Silver-linked ETFs and mining stocks rose in U.S. trading, following the metal’s sharp rally
- Attention turns to the Federal Reserve’s meeting on Jan. 27-28, along with any fresh tariff updates
Spot silver, the price for immediate delivery, surged past $112 an ounce on Monday, marking a new high. It was last trading up roughly 8.5% near $111.7, with demand for precious metals holding strong into the U.S. session. 1
Silver’s position is tricky. It acts like a haven whenever political and policy turmoil hits, yet it’s also tied to industrial demand. That means a smooth rally can easily hit a wall on the demand side.
The rally quickly spread to “silver stocks” — miners and funds holding physical bars — attracting a different group of buyers who avoid futures. In U.S. morning trading, iShares Silver Trust and abrdn Physical Silver Shares climbed 7.8%, while Hecla Mining and Coeur Mining gained around 4%. Scotiabank analysts predict “stronger for longer” silver prices over the near to medium term. 2
Spot silver surged 4.8% to $107.90 by 0656 GMT Monday, Reuters reported, hitting an earlier peak of $109.44. The metal has been on a tear since crossing $100 on Friday, following a staggering 147% rise in 2025. Kyle Rodda, senior market analyst at Capital.com, attributed the spike to a “crisis of confidence” in U.S. assets sparked by what he called erratic moves from the Trump administration. The dollar slipped ahead of this week’s Fed meeting. 3
By 10:13 a.m. ET (1513 GMT), Reuters data showed spot silver hitting a new high at $112.18 an ounce. Adrian Ash of BullionVault called the main drivers behind precious metals this year simply “Trump and Trump.” UBS analyst Giovanni Staunovo noted Chinese silver prices are trading at a “notable premium” to London’s, suggesting momentum could push even higher. Still, he cautioned that at these levels, industrial demand might start to wane. 4
Here’s the catch: silver tends to move quicker than gold, but it also corrects more rapidly — particularly if the dollar holds steady, risk appetite picks up, or manufacturers pause to ride out the volatility.
Traders keep an eye on the physical market for any hint that the tight supply is loosening. Regional price gaps often shrink fast when supply increases or speculative demand drops off.
The Federal Reserve’s policy meeting on Jan. 27-28 is the next key event, with the decision and press conference scheduled for Jan. 28, according to the central bank’s calendar. 5
Silver trading will probably remain driven by headlines for the time being — with tariffs, Washington policy noise, and the resilience of ETF demand all in play after a rally that’s already tested the market’s appetite for swings.
