Silver vaulted to roughly $94/oz this week after U.S. tariff threats, new Chinese export licensing, and record ETF and retail demand tightened physical supply. Structural deficits, refinery bottlenecks and upgraded forecasts underscore continued price pressure.

Spot silver vaulted past $90/oz on Jan 14, 2026 after softer U.S. inflation data and a weaker dollar stoked Fed rate-cut expectations. In India, physical and futures prices surged to record levels—Ahmedabad hit ₹262,000/kg while MCX March contracts climbed above ₹281,000/kg—reflecting tight supply, safe‑haven buying, and robust investment demand for silver.

Stringent Chinese export licensing, early-January COMEX spikes and a looming Bloomberg Commodity Index rebalancing combined with ongoing supply deficits to drive heightened volatility and upside pressure in silver prices.

This week silver experienced dramatic swings: a year-end rally that pushed prices past $75/oz was abruptly checked by CME margin increases that sparked an ~8% sell-off. Simultaneously, China’s looming export-licensing regime and rising industrial strain are reshaping physical supply dynamics. Investors face heightened short-term volatility driven by liquidity moves and longer-term structural tightening from policy and demand.

Silver surged above $70/oz this week as industrial demand from AI, solar and EV sectors, shrinking inventories and Fed rate-cut expectations pushed prices to record highs. India saw sharp domestic gains and miner stocks rallied, underscoring a structural squeeze in supply and rising investor appetite.

Silver surged to multi-decade highs after the Fed cut rates, briefly overtaking crude oil prices as industrial demand — notably from AI and clean-energy sectors — tightened supply. Producer stocks like Hindustan Zinc jumped, and a short profit-taking pullback followed the rally.