New York, January 23, 2026, 06:14 EST — Premarket
- Spot silver hit a record $99.34/oz, staying close to $100 in early trading
- Gold and platinum have climbed, boosted by a weaker dollar and a surge into precious metals
- Traders are now eyeing the Fed’s policy meeting slated for January 27-28
Silver climbed 1.7% to $97.85 an ounce by 0851 GMT on Friday, after hitting a record $99.34 earlier, continuing a strong rally that’s also lifted gold and platinum to new highs. “Faith in the U.S. and its assets have been shaken, maybe permanently,” said Kyle Rodda, senior market analyst at Capital.com. The dollar index—which measures the greenback against six major currencies—hovered near a two-week low, down about 1% on the week. Traders are pricing in a Federal Reserve pause next week, with two rate cuts still expected in 2026. 1
The jump is significant because silver is behaving as two things simultaneously. It acts as a hedge when investors seek safety, and as a raw material when industrial demand kicks in. This overlap can accelerate moves in what’s already a crowded trade.
The math is straightforward. When the dollar weakens, metals usually gain ground since they’re priced in U.S. dollars, making them relatively cheaper for buyers paying with euros, yen, or other currencies.
Rates drive everything beneath the surface. Since bullion doesn’t yield interest, it usually gains appeal when investors expect falling yields or when rate expectations wobble.
Silver’s recent rally has sharpened its connection to wider sentiment on U.S. assets, following a week marked by geopolitical tension and policy jitters. Traders noted the market swiftly latches onto any sign of wavering confidence.
Record highs can flip into reversals on a dime. A stronger dollar, rising yields, or even quiet shifts in global politics might spook buyers. The $100 mark often triggers some profit-taking, too.
In India’s physical gold markets, dealers reported a sharp jump in investment buying this week, driven by concerns that import duties might increase ahead of the Feb. 1 budget. “Demand was really strong this week and ran ahead of supply,” said Chanda Venkatesh, managing director of CapsGold, a bullion merchant based in Hyderabad. 2
Local premiums and discounts don’t determine the global spot price, but they offer clues about whether the rally is fueled by actual metal demand or just paper trades.
Silver continues to track the wider precious-metals sector rather than charting its own path. That could flip rapidly, though, should industrial demand take the lead or if investors’ risk appetite swings back.
The Federal Reserve’s meeting on Jan. 27-28 and the chair’s news conference on Jan. 28 are the next big events, known for shaking the dollar and interest-rate forecasts within minutes. 3
