Silver rate today tops ₹3.19 lakh on MCX, hits record high on COMEX. Will it climb to $100/oz peak today?

Silver rate today: The COMEX silver rate today surged to a new record high, as President Donald Trump’s bid to take control of Greenland stoked concerns over a potential US–Europe trade conflict, unsettling markets.

Silver briefly climbed to an all-time high of $94.740 an ounce on Tuesday, in the international market. Meanwhile, gold prices also traded near an all-time high, at $4,670.

Meanwhile, back home, MCX silver prices surged to a new record of ₹3.19 lakh on Tuesday, January 20.

Prices of both the precious metals later eased slightly after a sharp rally in the previous session, which followed Trump’s announcement of planned tariffs on eight European countries opposing his Greenland move.

What's behind the rally?

The US’s confrontational stance toward its NATO partners has unsettled financial markets, lifting demand for safe-haven assets and breathing new life into the “Sell America” trade, according to a Bloomberg report.

Attention has now shifted to Europe’s response. French President Emmanuel Macron plans to seek activation of the European Union’s anti-coercion mechanism, though German Chancellor Friedrich Merz said he is urging restraint.

According to the Bloomberg report, this turmoil—coming soon after the US’s capture of Venezuela’s leader—has given fresh momentum to an already rapid rally in precious metals. Meanwhile, renewed criticism of the Federal Reserve by the Trump administration has further supported gold and silver this year by rekindling worries over the central bank’s independence.

Can Silver Prices rally to $100/oz today?

According to Ponmudi R, CEO of Enrich Money, COMEX Silver remains resilient near the $93 zone after marking fresh lifetime highs around $94.30. Prices continue to hold well above key moving averages post-breakout, confirming sustained buyer control.

“ Structural demand from solar energy, EVs, AI and electronics, along with safe-haven flows, continues to underpin silver’s long-term strength. While recent candlesticks reflect some near-term profit-taking, the broader outlook stays constructive with higher supports holding firm. The $85–$88 band may act as a short-term consolidation zone,” Ponmudi said.

On the technical outlook, Ponmudi further added that a breakout above $94–$96 can accelerate momentum toward $97–$100+. Medium-term support is seen in the $80–$83 region.

“Heading deeper into 2026, silver remains structurally bullish, with $100+ levels appearing increasingly realistic on persistent supply deficits and rising industrial consumption,” he said.

(With inputs from Bloomberg)

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