New York, Jan 22, 2026, 13:53 EST — Regular session
- Spot silver jumps 3.5% to $96.45/oz, hitting an all-time high of $96.51 earlier
- Gold pushes past $4,900 an ounce; platinum and palladium hold steady as well
- Traders are sizing up U.S. inflation and jobs reports ahead of the Fed’s late-January move
Spot silver surged to a new all-time peak on Thursday, climbing 3.5% to $96.45 an ounce by 12:50 p.m. ET after hitting $96.51 earlier. Gold broke past $4,900, while platinum also set a record as the dollar index dropped 0.4%. Nikos Tzabouras, senior market analyst at Tradu, noted it “still benefits from safe-haven flows and dollar weakness.” Reuters
Silver remains caught in choppy waters, attracting both quick traders and longer-term holders. On many desks, the focus isn’t jewelry demand but rather rates, the dollar, and how much risk investors are willing to take ahead of upcoming policy decisions.
U.S. data released Thursday left little to shake up expectations. Consumer spending climbed 0.5% in both October and November. The Personal Consumption Expenditures (PCE) price index — the Federal Reserve’s favored inflation measure — ticked up 0.2% in November, with annual inflation holding at 2.8%. Core PCE also stood at 2.8% year-on-year. The Commerce Department noted these numbers were delayed by a 43-day government shutdown, which also snarled parts of the inflation data pipeline.
Silver tends to behave like a hybrid—part safe haven, part industrial metal. That dual nature often makes it swing more sharply than gold when traders shift between growth optimism and rate-cut bets. Thin liquidity can then amplify these moves beyond what you’d expect.
Geopolitics remains a key factor. In the precious-metals market, any news that disrupts trade or alliances tends to hit prices fast, even if the full story isn’t clear and traders have to guess the missing pieces.
Labor market data came in with initial jobless claims climbing by 1,000 to 200,000 last week, while continuing claims dropped to 1.849 million. On the growth front, third-quarter GDP was revised upward to 4.4%, according to Reuters. “The United States is experiencing a jobless boom,” Heather Long, chief economist at Navy Federal Credit Union, commented. Reuters
Silver’s climb has been anything but smooth. On Tuesday, it hit $95.87 momentarily before slipping back. The metal is up over 32% in 2026, following a hefty 147% jump in 2025, Reuters reported. “A softer dollar is providing an additional tailwind for precious metals,” noted Fawad Razaqzada, market analyst at City Index and FOREX.com. Reuters
Behind the scenes, the same trade is carrying the load: falling real yields, a softer dollar, and consistent demand for hard assets amid policy uncertainty. Silver, however, often reflects this with more pronounced moves.
The downside risk is clear, and traders aren’t shy about it. A dollar bounce, a Fed that resists easing bets, or a sharp drop in geopolitical tension could trigger quick profit-taking. Silver’s volatility can spike sharply, especially when liquidity dries up.
The Federal Reserve’s two-day meeting starts Jan. 27, with a rate decision expected on Jan. 28. Investors are also eyeing the U.S. personal income and outlays report, which includes the PCE inflation data, set for release on Feb. 20.
