Silver rally accelerates: Spot prices hit historic $100 mark amid geopolitical tensions
The dramatic rise in silver has also triggered a sharp shift in the gold-to-silver ratio, a closely watched metric used by traders to gauge relative value between the two metals. With gold trading near $5,000 and silver at $100, the ratio now stands at 50.
- Jan 23, 2026,
- Updated Jan 23, 2026 10:44 PM IST
Silver prices surged to unprecedented levels on January 23, crossing the landmark $100 per troy ounce mark, as investors flocked to precious metals amid escalating geopolitical uncertainty and mounting concerns over global financial stability. Precious metals like gold and silver have seen massive surge in prices as investors flocked to the safe haven category amid global uncertainty.
Spot silver prices touched a fresh all-time high of $100 per ounce, jumping more than 4% in a single session. Silver futures maturing in March also climbed nearly 4%, settling at $100.06, reflecting strong speculative and hedging demand.
The rally in silver mirrors a broader surge across precious metals. Spot gold prices climbed to a record high of $4,967.48 per troy ounce, gaining nearly 1% during the session before trimming some of the advance. Gold futures maturing in December rose 0.8% to $4,955, keeping the yellow metal firmly near the psychologically important $5,000 level.
Geopolitics & policy uncertainty drive demand
Market experts point to a combination of geopolitical tensions and institutional uncertainty as the key drivers behind the sharp rise in silver prices. A growing rift between Washington and its European allies has unsettled investors, while ongoing attempts to negotiate an end to the war in Ukraine have failed to yield a breakthrough.
At the same time, renewed challenges to the independence of the US Federal Reserve have raised concerns about long-term monetary stability, further boosting demand for safe-haven assets such as gold and silver.
Gold-to-Silver Ratio signals outperformance
The dramatic rise in silver has also triggered a sharp shift in the gold-to-silver ratio, a closely watched metric used by traders to gauge relative value between the two metals. With gold trading near $5,000 and silver at $100, the ratio now stands at 50.
This marks a significant collapse from January 2025, when the ratio was close to 100. The halving of the ratio underscores silver’s extraordinary outperformance over the past year. In 2025, silver prices have surged more than 150%, compared with gold’s still-impressive 65% gain.
While the rally has sparked concerns about short-term volatility, many investors believe silver could remain supported if geopolitical risks persist and confidence in global monetary institutions continues to weaken. However, analysts caution that such rapid price appreciation could invite profit-taking and sharp corrections.
Silver prices surged to unprecedented levels on January 23, crossing the landmark $100 per troy ounce mark, as investors flocked to precious metals amid escalating geopolitical uncertainty and mounting concerns over global financial stability. Precious metals like gold and silver have seen massive surge in prices as investors flocked to the safe haven category amid global uncertainty.
Spot silver prices touched a fresh all-time high of $100 per ounce, jumping more than 4% in a single session. Silver futures maturing in March also climbed nearly 4%, settling at $100.06, reflecting strong speculative and hedging demand.
The rally in silver mirrors a broader surge across precious metals. Spot gold prices climbed to a record high of $4,967.48 per troy ounce, gaining nearly 1% during the session before trimming some of the advance. Gold futures maturing in December rose 0.8% to $4,955, keeping the yellow metal firmly near the psychologically important $5,000 level.
Geopolitics & policy uncertainty drive demand
Market experts point to a combination of geopolitical tensions and institutional uncertainty as the key drivers behind the sharp rise in silver prices. A growing rift between Washington and its European allies has unsettled investors, while ongoing attempts to negotiate an end to the war in Ukraine have failed to yield a breakthrough.
At the same time, renewed challenges to the independence of the US Federal Reserve have raised concerns about long-term monetary stability, further boosting demand for safe-haven assets such as gold and silver.
Gold-to-Silver Ratio signals outperformance
The dramatic rise in silver has also triggered a sharp shift in the gold-to-silver ratio, a closely watched metric used by traders to gauge relative value between the two metals. With gold trading near $5,000 and silver at $100, the ratio now stands at 50.
This marks a significant collapse from January 2025, when the ratio was close to 100. The halving of the ratio underscores silver’s extraordinary outperformance over the past year. In 2025, silver prices have surged more than 150%, compared with gold’s still-impressive 65% gain.
While the rally has sparked concerns about short-term volatility, many investors believe silver could remain supported if geopolitical risks persist and confidence in global monetary institutions continues to weaken. However, analysts caution that such rapid price appreciation could invite profit-taking and sharp corrections.