Silver climbs to a new high of $94.36 on safe-haven demand, MCX follow suit

Silver price today

• Silver hit a high of $94.36 amid safe-haven demand and trade tensions
• Prices dipped to $93.03 but remained 5.08 percent up from previous close

Did our AI summary help?

Silver hit another high of $94.36 in the international market early on January 19 on back of rising safe-haven demand amid worsening geopolitical and trade ties.

The white metal failed to hold on to the gains and quickly dipped to $93.03, but was still 5.08 percent up from the previous close.

The metal, which has been on a record-breaking spree, had climbed to a new peak of $93.70 on January 15, but that has been surpassed.

On MCX, it opened the January 19 session at Rs 2,99,482 for a kilogram, up 3.79 percent from the previous day. The metal had hit Rs 2,92,960 on January 15.

Precious metals, such as silver continues to attract premium safe-haven demand due to its dual role, particularly led by the industrial demand. Moreover, President Donald Trump’s renewed push to acquire Greenland has heightened fears of a US-Europe trade war. Trump has threatened tariffs on eight European countries, including France, Germany and the UK, starting at 10 percent from February 1 and rising to 25 percent in June.

Here is how a kilogram of silver has moved

City-wise silver prices 

Silver rates across India’s major cities showed remarkable uniformity, with only marginal differences due to local taxes, jeweller margins, and logistics costs.

How will silver prices move?

The Augmont Bullion Report, published on January 16, said silver is consolidating around record levels as some of the recent political risk premium has eased. Sentiment improved after President Donald Trump signalled a softer stance on Iran and reiterated that he has no immediate plans to remove Federal Reserve Chair Jerome Powell.

The report further added that silver has touched the target of $93 (Rs 2,91,000). It can witness some profit-booking and retracement upto $84 (Rs 2,60,000) before prices move higher again, it said.