New York, January 28, 2026, 13:41 (EST) — Regular session
- Spot silver climbed roughly 1% to hover around $114 an ounce; the SLV silver ETF gained about 1% during afternoon trading
- Investors await the Fed’s rate decision and comments from Powell scheduled for later Wednesday
- Citi raised its short-term silver target to $150, while CME posted record metals trading volume this week
Spot silver, for immediate delivery, climbed 1% to $114.13 an ounce on Wednesday, staying close to Monday’s record high of $117.69 as investors awaited the Federal Reserve’s rate decision. The iShares Silver Trust (SLV), a silver-backed ETF that trades like a stock, added roughly 1.1%. “The rally in the precious metals has kind of taken on a life of their own,” said Peter Grant, senior metals strategist at Zaner Metals. Reuters
The timing is key as silver has been tracking the U.S. dollar and interest-rate forecasts ahead of today’s Fed statement. On Wednesday, the dollar held steady after dropping to its lowest point in almost four years. Meanwhile, the 10-year Treasury yield inched up to 4.26% just before the Fed’s announcement.
Citi bumped up its 0–3 month silver price target to $150 an ounce, saying the recent rally is being driven more by capital flows than by “traditional fundamentals.” “We remain tactically bullish,” said Maximilian Layton, head of Citi commodities research, who dubbed silver “gold squared.” He noted ongoing demand despite China’s clampdown, which includes higher margin rules and a freeze on new subscriptions to the country’s only silver ETF. Citi also pointed to the gold-to-silver ratio—a rough measure of how many ounces of silver it takes to buy one ounce of gold—as part of its outlook on where prices might head next. Investing.com
CME Group, operator of the COMEX metals exchange, reported a single-day record of 3,338,528 contracts on January 26. Jin Hennig, CME’s global head of metals, said clients are increasingly using their markets to hedge and adjust exposure to precious metals. Micro Silver futures hit a daily high with 715,111 contracts traded. The group also announced plans to launch 100-ounce Silver futures on February 9, subject to regulatory approval.
Silver-linked stocks followed suit. The Aberdeen Physical Silver Shares ETF (SIVR) climbed roughly 0.9%, and the Sprott Physical Silver Trust (PSLV) jumped around 2.8%. Miners Pan American Silver (PAAS) and First Majestic Silver (AG) saw modest gains. Gold’s ETF GLD also rose near 2.6%.
Politics played a role as well. On Tuesday, U.S. President Donald Trump said he would soon reveal his choice for Federal Reserve chair and forecasted that interest rates would drop once the new leader is in place. “I’ll announce it pretty soon. You’ll see rates come down a lot,” Trump remarked. Reuters
Traders and analysts are warning the rally could flip fast. Michael Widmer, a commodities strategist at Bank of America, noted, “There’s going to be a lot of volatility ahead, with risks of sharp pullbacks (in silver).” Silver’s gains this year build on last year’s jump, fueled by safe-haven buying amid tariff fears and the looming U.S. funding deadline on January 30. Reuters
Silver proves trickier to track compared to gold. It sometimes acts as a safe haven when investors seek protection, yet its role as an industrial metal—found in everything from electronics to solar panels—makes it jumpy amid concerns over economic growth.
Wednesday will bring fresh scrutiny of the Fed statement and Powell’s comments for hints on the duration of the rate-cut pause — and if the dollar’s decline picks up steam again. Silver investors are also eyeing February 9, when CME rolls out its 100-ounce Silver futures contract, hoping volatility eases enough to attract new capital.
