Silver tops $100/oz on Comex for the first time: What’s next for investors?

• Silver hit $100 per ounce on Comex, driven by geopolitical and industrial demand
• MCX silver futures hit a record Rs 3,41,300/kg, up 2.05% from previous close
• Analysts advise caution; long-term investors may wait for price consolidation

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Silver crossed the $100 mark for the first time on Comex today (January 23) at 4:25 pm GMT, representing 4.24 percent gain from its previous close. The metal has been on a record spree driven by geopolitical concerns, especially around US-Iran relations, a weaker dollar, and a rise in industrial demand.

On MCX, silver domestic futures hit the record peak at Rs 3,41,300 per kilogram on Friday (11:21 am IST), and continued to hover at Rs 3,39,217, up 2.05 percent from the previous close of Rs 3,32,393. The price previously peaked at Rs 3,38,804 on January 22, as recorded on MCX.

The Indian Bullion Jewellers Association (IBJA) pegged silver's price at Rs 3,17,705 per kilogram on its 18:30 rate session, which is approximately a 6 percent gain from Rs 2,99,711 in the last 24 hours.

“Silver touching the $100 per ounce on Comex is a powerful psychological milestone. The surge has been driven by a rare convergence of factors— geopolitical uncertainty, currency debasement, strong industrial demand, and speculative momentum following silver’s breakout to fresh all-time highs,” said Justin Khoo, Senior Market Analyst - APAC, VT Market, an online trading platform.

Why is silver up?

Silver has been on a record spree driven by a historic short squeeze, strong retail participation, and China’s tightening export controls, adding to supply concerns.

The metal’s dramatic record surge to the triple digits comes just a day after investors rushed to book profits amid President Trump’s renewed stance on Greenland and withdrew proposed tariffs on European imports.

Market sentiment shifted after the US President Donald Trump said a fleet of American warships was heading to the Middle East and that Washington was watching Iran closely. A day before, Trump claimed that a NATO deal would give the US permanent access to Greenland, though specifics are still unclear. Meanwhile, as Trump pulled back from proposed tariffs against the EU countries, the day (January 22) saw a dip in prices.

Meanwhile, markets look forward to another rate cut by the US Fed in their upcoming policy meeting scheduled on January 27-28.

Should investors buy, hold, or sell?

Khoo advises investors not to chase the rally blindly. “Price action at these levels is extremely sensitive. From a tactical perspective, short-term traders may consider booking partial profits or tightening stops, as volatility is likely to spike around the $100 handle.”

For long-term investors, silver still makes sense as a strategic hedge against monetary instability and as a beneficiary of structural demand from energy and technology sectors.

“However, fresh buying is better deferred until a consolidation or pullback toward key support zones, rather than entering at euphoric highs. The bias remains constructive, but disciplined position management is crucial at current levels,” he added.

The Augmont Bullion, published on January 23, noted that silver prices have corrected but continue to act as strong support. “As long as silver trades above the $90.5 level (Rs 3,00,000), the metal retains the potential to move higher towards the $99-$100 range (Rs 3,45,000). Overall, dips are likely to attract buying interest rather than signal a trend reversal.”