Silver Prices Hovering to All-Time High on January 28 Amid Policy Uncertainties

On Wednesday, January 28, 2026, Silver prices dipped slightly but stayed close to record highs following a sharp rally earlier this week, reflecting strong investor appetite for precious metals amid ongoing global trade tensions and policy uncertainties.

Spot Silver Prices Inching to All-Time High

Spot silver gained 0.6% to $113.63 an ounce, after reaching an all-time peak of $117.69 on Monday, January 26. The metal has skyrocketed nearly 60% so far this year, far outpacing most other commodities.

The speed of the rally has been striking. Silver climbed from $80 to $90 per ounce in roughly 15 days, jumped from $90 to $100 in just 10 days, and surged past the $100–$110 range in a single trading session, underscoring the intensity of buying demand.

Analysts attribute the rally to a combination of safe-haven buying, trade-related uncertainties, and spillover momentum from gold.

Also Read: Gold and Silver Prices in India Surge to Record Levels Amid Global Uncertainty

Pressure on Gems and Jewellery Sector

In India, higher silver prices are adding strain to an already pressured gems and jewellery sector. Market experts highlighted that the recently inked India–EU Free Trade Agreement could offer relief to exporters by eliminating duties, especially as gold and silver prices climb sharply. They pointed out that improved access to European markets may help diversify export demand and support the industry’s recovery.

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