Silver price down 5.15% as Trump’s Greenland and tariff remarks trigger Rs 16,500 fall

• Silver price dropped 5.15% to Rs 3,03,584/kg due to investor profit booking.
• US policy signals and tariff withdrawal led to a drop in silver prices.
• Support at $90.5 may attract buyers; potential for rebound towards $99-$100

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Silver price has fallen significantly as investors rushed to book profits after the US President Donald Trump signalled softer stance on Greenland and withdrew his threat of new tariffs on European nations.

The Indian Bullion and Jewellers Association (IBJA) pegged the metal's price at Rs 3,03,584 per kilogram in the 12:30 pm rate session on January 22, which is a 5.15 percent decline from the previous close at Rs 3,20,075. That translates into a drop of nearly Rs 16,500 over the past 24 hours.

On MCX, domestic futures were trading lower at Rs 3,15,800 on Thursday (2:05 pm IST), down 0.85% from the previous close of Rs 3,18,492. Meanwhile, the spot price of the metal on Comex was trading at $94.05 per ounce as of 8:36 am GMT.

The prices of precious metals

Here is how a kilogram of silver has moved.

How will silver prices move?

The Augmont Bullion report, published on January 22, noted that silver prices have corrected, but the $90.5 level (Rs 3,00,000) continues to act as a strong support. As long as silver trades above this zone, the metal retains the potential to move higher towards the $99-$100 range (Rs 3,50,000). Overall, dips are likely to attract buying interest rather than signal a trend reversal.

"While near-term profit-taking has capped prices, persistent geopolitical risk and policy unpredictability continue to support the broader bull trend in precious metals," Augmont stated in their report.