Silver price today on January 23: White metal hits all‑time high of $98.98/oz on Comex

A historic surge for silver as global markets react to macroeconomic and geopolitical forces

On January 23, 2026, silver prices surged dramatically to reach a record high of $98.98 per ounce on the Comex futures exchange, marking a watershed moment for the precious white metal. This milestone reflects a potent mix of elevated investor demand, industrial usage, geopolitical tensions, currency weakness and market expectations for monetary easing — all converging to propel silver into uncharted territory.

Silver, long viewed as both a precious metal hedge and a critical industrial commodity, has experienced a remarkable price rally this year — outperforming many analysts’ expectations and challenging traditional metal markets. The January 23 peak stands as one of the most significant price breaks in decades, underscoring the metal’s growing importance in global financial and industrial landscapes.

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A Historic Peak: What’s Behind the Record Price

Silver closing at nearly $99 per ounce on Comex (and even briefly exceeding this threshold) is a clear indicator of the intensity of the rally. Analyst reports attribute this unprecedented price action to multiple reinforcing factors:

1. Geopolitical and Market Risk Sentiment

Investors increasingly view precious metals as safe‑haven assets during periods of geopolitical uncertainty or market volatility. Heightened tensions — including global trade disputes and shifting diplomatic relations — have pushed both institutional and retail investors toward metals like silver and gold. In this environment, safe‑haven demand has helped silver’s price surge sharply as markets seek stability and value preservation.

2. Monetary Policy Expectations and Weak Dollar

A significant driver of precious metal prices is the perception of interest rate movements. With markets pricing in potential Federal Reserve interest rate cuts later in 2026, the opportunity cost of holding non‑yielding assets like silver has diminished. A weaker U.S. dollar also boosts dollar‑denominated commodities, making them more attractive to global buyers and amplifying price gains.

3. Supply‑Demand Imbalance

Another key factor is the underlying structural imbalance between silver supply and demand. Industrial consumption — driven by sectors such as renewable energy, electronics manufacturing, electric vehicles (EVs), and emerging technologies — continues to expand robustly. At the same time, global silver mine production has grown only modestly, leading to persistent supply tightness. Analysts note significant deficits in annual silver markets, contributing to upward price pressure.

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Domestic and International Price Movements

Silver’s surge on the international stage has been mirrored in domestic markets as well. In India, for example — one of the world’s largest consumers of silver — prices climbed significantly on January 23. According to the India Bullion and Jewellers Association (IBJA), silver traded around Rs 3,18,960 per kilogram, representing strong growth in the domestic futures market.

On the Multi Commodity Exchange (MCX), silver futures touched highs before retracement, showing continued investor interest and trading activity. These domestic trends reflect how global price momentum translates into local markets — often influenced by currency strength, import costs, and logistical considerations like taxes or storage.

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Comparative Metal Performance: Silver and Gold

Silver’s price rise has not occurred in isolation. Other precious metals, especially gold, have also been rallying. In fact, gold reached record levels on the same day — closing near $4,970 per ounce on Comex — highlighting a broader precious‑metal advance. However, silver’s percentage gains have often outstripped those of gold, driven by industrial demand and market speculation as well as macro drivers like interest rate expectations and currency weakness.

In markets where both metals are tracked closely, investors often examine the gold‑silver ratio (the number of ounces of silver needed to buy one ounce of gold) to gauge relative value. When this ratio narrows — as it has during this bullish phase — it suggests that silver is gaining strength relative to gold, further enticing traders and investors.

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Investor and Analyst Perspectives

Financial analysts have pointed to a mix of safe‑haven demand, industrial use and speculative interest as driving forces behind silver’s meteoric rise. Some market observers see the current rally as part of a longer‑term trend, with metal still benefiting from factors like technological applications and energy transition demand, which are expected to grow further through the decade.

However, other voices caution that such sharp rallies can be accompanied by higher volatility. Silver’s market is traditionally smaller and more reactive than gold’s, meaning price swings can be more pronounced. Traders often anticipate possible corrections during overheated phases — especially in markets where expectations and pricing behavior can shift rapidly.

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What Comes Next for Silver

Looking ahead, a few key factors will likely influence silver’s price trajectory:

Interest Rate Policy: Continued expectations for interest rate cuts or easing could further support metal prices.

Industrial Demand Growth: Expansion in sectors like solar energy, EV manufacturing and electronics will underpin long‑term demand.

Supply Constraints: Structural limitations in mine production and inventory levels may sustain a tight market balance.

Global Macro Conditions: Geopolitical risks, currency fluctuations and market volatility will continue to drive safe‑haven investment flows.

Whether silver continues to push beyond the $100 per ounce mark remains to be seen, but the confluence of fundamental and macroeconomic drivers suggests that the metal’s bull market might extend further into 2026 and beyond.

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Conclusion: A Pivotal Moment for Silver

The record‑breaking silver price of $98.98 per ounce on Comex on January 23 represents a significant milestone in the metal’s history. Fueled by geopolitical risk sentiment, weak dollar dynamics, industrial demand growth and structural market imbalances, silver has emerged as a standout performer among precious metals. For investors, industrial users, and market observers alike, this rally underscores silver’s evolving role as both a store of value and a crucial industrial asset.