Silver Price Surge Explained | Can It Go Above $100/oz? | Latest Update | Drishti IAS English

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In a significant development, silver prices surged to new heights, reaching an all-time high of $94.74 per ounce on the COMEX, as well as ₹3.19 lakh per kilogram on MCX on January 20, 2026. This surge is attributed to the heightened geopolitical tensions sparked by President Donald Trump’s bid to control Greenland, causing market unrest and driving demand for safe-haven assets like precious metals. Gold also traded near its all-time high at $4,670 during this period.
The rally in silver prices comes amid escalating concerns over the US’s confrontational trade stance, especially with European NATO allies. Trump’s announcement of tariffs on eight European nations opposing his Greenland move has added to the global uncertainty. As Europe braces for potential responses, including France's efforts to activate the EU's anti-coercion mechanism, silver’s value has continued to rise.


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