Silver price today on January 23: White metal hits all-time high of $98.98/oz on Comex

Silver price today

• Silver dipped to $93.25 after peaking at $95.53 on January 20.
• Indian silver prices fell 6.08 percent in 24 hours, now at Rs 2,99,711 per kg
• Analysts advise caution; further decline likely before considering buying

Did our AI summary help?

Silver price is moving in an upward trend just a day after the market witnessed profit booking amid Trump's renewed stance on Greenland and tariff remarks on EU nations.

The metal hit a record high at $98.98 in the international market early on January 23, representing nearly 3 percent gain from its previous close, driven by rising industrial demand amid worsening geopolitical and trade tensions.

The Indian Bullion Jewellers Association (IBJA) pegged the silver price at Rs 2,99,711 in its 18:30 rate session on January 22,  which is a 6.08 percent decline from the previous price at Rs 3,19,097 per kilogram in the last 24 hours.

On MCX, the white metal closed the Thursday session at Rs 3,26,500 per kilogram, which is a gain of 2.51 percent from its previous close. Silver hit a record high of Rs 3,35,521 on January 21.

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 is silver down?

Profit booking has played its role in the recent decline. Silver’s rapid descent, dropping nearly 8 percent from its record peak, underscores its role as a high-velocity gauge of global risk. The sudden 'Davos De-escalation,' marked by the withdrawal of tariff threats against European allies and a new NATO framework for the Arctic, has punctured the geopolitical bubble that drove the white metal to $95.

"The correction may continue as prices are still far from their immediate crucial support of the 20-DEMA level placed at 272,150. Also, Daily SAR is currently placed at 274,300. In the previous bull run, we have observed a decline in OI levels, which signifies a Long unwinding by traders in silver.

"Along with that, we have observed an RSI divergence in the daily chart, which is a classic 'Red flag' for building any fresh buying. We can observe an OI decline to 9650 lots so far, which signifies that there is no interest coming up for the long position with perspective to expiry from traders," said Aamir Makda, Commodity & Currency Analyst, Choice Broking.

Is it the right time to buy silver?

"In our view, this is not the right time to buy Silver at this moment, as this fall may continue. If price stables over support levels, then traders may consider it as a buy-on-dips," Makda said.