Spot silver climbed above the closely watched $90 per ounce threshold for the first time on 14 January 2026, as softer US inflation data reinforced expectations that the Federal Reserve will cut interest rates, amid continuing global tensions and persistent supply constraints.
The metal was up more than 3%, trading at $90 an ounce. The rally mirrors recent gains in gold, which has also hit new highs after surging above $4,600 per ounce in 2026. Silver had already soared by nearly 150% over the course of 2025.
Momentum for the metal accelerated throughout last year, with XAG/USD rising steadily from around $29 per ounce at the start of January 2025, to the mid-$30s by mid-year. Gains gathered pace in late summer, with closing prices climbing from about $40 at the outset of September to above $70 by late December. Silver ended the year at $71.65 on 31 December 2025.
In its December 2025 research note, Goldman Sachs maintained a positive stance on precious metals in its 2026 commodities outlook, highlighting silver as well positioned to benefit from what it calls “power race and supply waves.” The research—summarized for clients—did not include a public price target for silver. The bank indicated ongoing energy-related demand, tightening mine supply, and a supportive real-rate environment as key factors likely to underpin precious metals into 2026, according to the source’s overview.
