Silver hovers near record as Trump tariffs, Greenland remarks lift safe-haven demand

Silver prices

• Silver traded near record high at $93.79, down 0.89 percent from previous close
• Silver hit record Rs 3,27,721 on MCX, closed at Rs 3,23,200, down 0.15 percent
• Augmont flags next upside zones at $99–$100 and key support at $86.5

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Silver traded near its record high at $93.79 in the international market early on January 21, representing a 0.89 percent decline from its previous close. The metal, which has been on a record-breaking spree, had climbed to a new peak of $95.53 on January 20 due to a rising safe-haven demand amid worsening geopolitical and trade ties.

On MCX, the white metal hit a record high of Rs 3,27,721 on Tuesday, and closed the session at Rs 3,23,200, representing a decline of 0.15 percent from its previous close.

Silver price continues to surge as Trump’s Greenland remarks and tariff threat against eight European nations heightened trade-war fears, triggering a getaway to safe-haven assets.

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?

In its Bullion Report dated January 20, Augmont said silver has met the 61.8 percent Fibonacci resistance target at $93 (Rs 3,00,000). It flagged the next upside zones at the 78.6 percent extension of $99–$100 (Rs 3,30,000) and the 100 percent extension near $107 (Rs 3,50,000). On the downside, $86.5 (Rs 2,80,000) continues to be a key support level.

Silver has surged almost 30 percent so far this year, with aggressive buying and selling interest driving volatility. Signs of physical tightness are starting to ease as silver returns from Comex warehouses to Europe, and elevated prices may curb industrial demand. Still, speculative demand in China remains firm, with Shanghai trading nearly $10 above London, it added.