Silver prices surged to a fresh all-time high above $91 per ounce in global markets on Tuesday, extending an already sharp rally driven by a mix of macroeconomic cues, safe-haven demand, and emerging supply-side concerns. The rally also spilled over into domestic markets, where silver futures and silver-linked exchange-traded funds continued to see strong buying interest.
Global silver prices hit record highs
Silver (CFDs) jumped over 5% intraday, crossing the $91 mark for the first time, as investors reacted to softer-than-expected US inflation data and growing expectations of interest rate cuts by the US Federal Reserve later this year. Lower interest rates typically support non-yielding assets such as precious metals.
US core inflation rose 0.2% month-on-month and 2.6% year-on-year in December, undershooting market expectations. Following the data, market participants increased bets on at least two rate cuts in 2026, reinforcing bullish sentiment across precious metals.
Safe-haven demand remains strong
Persistent geopolitical and economic uncertainties have continued to drive safe-haven flows into silver and gold. Market participants remain cautious amid global growth risks, ongoing geopolitical tensions, and policy uncertainty, keeping demand for hard assets elevated.
Silver, which has both industrial and investment demand, has benefited disproportionately during this phase of risk aversion, outperforming gold in recent sessions.
US Mint update adds to supply concerns
Adding a fresh layer to the rally, the United States Mint announced that it is evaluating pricing adjustments across numismatic products due to rising metals costs. The Mint also warned that silver numismatic products could be temporarily removed from sale while pricing is updated, citing rapidly rising silver prices.
This development has amplified concerns around physical silver availability, further boosting sentiment in an already tight market environment.
Strong momentum across timeframes
Silver has delivered a sharp move across time horizons. The metal is up over 25% year-to-date, with much of the rally concentrated in January itself. Over shorter periods, silver has posted double-digit gains in just a few sessions, reflecting aggressive momentum-driven buying.
Broader precious metals rally
Gold prices have also remained firm near record levels, supported by the same macro tailwinds. Analysts note that the combination of easing inflation, anticipated monetary policy support, and physical supply dynamics is creating a strong backdrop for precious metals in the near term.
While short-term volatility cannot be ruled out after such a sharp rally, silver’s surge past $91 underscores how quickly sentiment has shifted in favour of safe-haven and hard assets amid evolving global cues.
