Silver hits record highs: What’s driving the precious metal’s rally?

Silver price today

The price of silver is trading at its peak performance, driven by geopolitical tensions and industrial demand. The spot price on the Comex stood at $85.685 per ounce as of January 13 (03:31 GMT). The price peaked at a record $86.025 per ounce during yesterday's session.

The domestic futures price of silver on MCX opened the Tuesday session at Rs 2,69,352 per 1 kilogram of 999 purity, representing a 0.14 percent gain from its previous close at Rs 2,68,970. The price of precious white metal previously peaked at Rs 2,71,352 on the domestic market as recorded on January 12, 2026.

Check out below to see the prices of 1 kilogram of 999 purity silver.

Source: Indian Bullion Jewellers Association – 18:30 rate session as on Jan. 12, 2026.

Why is silver up?

The Augmont Bullion report, published on January 12, noted that silver surged to a fresh record high, driven by a mix of rising geopolitical tensions and growing expectations that the US Federal Reserve will be forced to cut interest rates further.

Last week itself, silver jumped a sharp 12 percent, as markets reacted to weaker-than-expected US jobs data and an increasingly uncertain global backdrop.

The silver rally started from $45 in October and extended up to $82.7 in December 2025. Fibonacci extension suggests that this rally can extend further towards $84, $88, $93 and $99 in the coming few months of 2026 with strong support at $70.

Read more: Silver races ahead of gold: 7 trends investors should watch in 2026

City-wise silver prices in India today

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

Outlook: Will silver regain momentum this week?

The Augmont report further added that this week’s economic calendar is packed, with the spotlight on US inflation and consumer data. Tuesday’s December CPI report will be especially important, as it may be the first inflation print unaffected by the government shutdown.

That said, geopolitics could easily steal the spotlight. Any Supreme Court decision on tariffs—or fresh developments on the geopolitical front—could end up driving markets more than economic data.

Read more: The gold-silver ratio also shows a decline from 110 to the recent low of 65: What does it mean?