Silver holds near record high as rising geopolitical risks spur safe-haven demand

On MCX, the white metal crossed Rs 3 lakh mark for the first time on Monday

• Silver nears record high at $93.85, up 5.98 percent amid safe-haven demand
• MCX silver crosses Rs 3 lakh, closes at Rs 3,10,151 per kg, up 7.78 percent
• Next resistance for silver seen at $99.2-$100, support at $86.5

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Silver traded near its record high at $93.85 in the international market early on January 20, representing 5.98 percent gain from its previous close. The metal, which has been on a record-breaking spree, had climbed to a new peak of $94.74 on January 19 due to a rising safe-haven demand amid worsening geopolitical and trade ties.

On MCX, the white metal crossed Rs 3 lakh mark for the first time on the Monday session, and closed the session at Rs 3,10,151 for a kilogram, up 7.78 percent from the previous day.

Precious metals surged to record highs as heightened geopolitical risks boosted safe-haven demand. The move followed President Trump’s renewed push for the US to acquire Greenland, accompanied by threats of progressively higher tariffs on European allies until such a deal is permitted. In response, European officials are considering retaliatory measures, including tariffs on US imports and the EU’s anti-coercion instrument, set to be discussed at an emergency summit in Brussels on Thursday.

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 has gained nearly 30 percent year-to-date, attracting strong speculative interest from both buyers and sellers, leading to sharp and erratic price swings. Physical tightness is showing early signs of easing as silver flows back from Comex warehouses to Europe, while high prices may temper industrial demand. However, speculative appetite in China remains strong, with Shanghai prices trading almost $10 above London.

The report further added that silver has touched the 61.8 percent Fibonnicci resistance target of $93 (Rs 3,00,000). Next level to watch for is 78.6 percent Fibonnici extension of $99.2-$100 (Rs 320,000) and 100 percent fibonnicci extension of $10 7 (Rs 3,40,000). Strong support lies at $86.5 (Rs 2,85,000).