Silver Prices Rise Above $90/Oz For The First Time

Silver prices have risen above $90 an ounce for the first time ever. This comes as weaker-than-expected US inflation data supports the case for more interest rate cuts, while the geopolitical situation remains tense.

Spot silver rose over 3% to cross the record $90/oz level.

Precious metals have made a strong start to 2026, after blistering rallies last year, with the prospect of a criminal indictment against Federal Reserve Chair Jerome Powell reviving worries about the monetary authority’s independence. Central bankers across the world have rallied behind Powell and JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said the political intervention could backfire, as per Bloomberg reports.

Silver outshone gold last year, soaring nearly 150% amid an October short squeeze and ongoing supply constraints in London. On the MCX, silver prices climbed to Rs 2,79,528 per kg in the latest session.

Bloomberg also reported that haven demand has also been aided by US President Donald Trump’s capture of Venezuela’s leader, his renewed threats to take Greenland, and violent protests in Iran that could lead to a toppling of the Islamic regime there. Citigroup Inc. analysts upgraded their forecasts this week for gold and silver to $5,000 per ounce and $100 an ounce, respectively, in the next three months.

"We upgrade our near-term price forecasts across the precious metals complex as investment momentum remains strong and the multitude of bullish drivers are now likely to remain intact during Q1FY26," the Citi note said.

The gold price forecast implies an upside of 9% over the current level of $4,589. For silver, it indicates a likely jump of 17% by April.