Silver futures topped $100 an ounce for the first time in history, exchange data from Comex shows. On January 23, 2026, March‑delivery contracts climbed to $100.19 an ounce, setting a record high. By 15:40 GMT, market quotes had pulled back to $99.80.
Alongside silver’s rise, spot gold prices also went higher, approaching the psychologically important level of $5,000 per troy ounce. On January 23, the metal reached $4,967.48.
The silver rally is being fueled by active demand for safe‑haven assets amid geopolitical instability and by expectations of interest‑rate cuts from the US Federal Reserve.
Since US President Donald Trump began his second term in January 2025, silver has skyrocketed by more than 200%, transforming the metal from the “little brother” of gold into one of the main beneficiaries of global uncertainty.
