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Informist, Wednesday, Jan. 14, 2026

--COMEX March silver contract hits fresh record high of $89.99 per ounce 

--MCX March silver contract hits fresh record high of INR 282,750 per kg 

MUMBAI – Futures contracts of silver on the Multi Commodity Exchange of India hit fresh record highs on Wednesday, tracking gains on COMEX. Prices were supported by a rise in safe-haven demand, driven by rising geopolitical and economic tensions, and expectations of further rate cuts by the US Federal Reserve.

Global central banks have issued a joint statement offering "full solidarity" with US Federal Reserve Chair Jerome Powell, in the face of the latest threat to the Fed's independence from US President Donald Trump, The Guardian reported. Trump has repeatedly criticised Powell, whom he appointed in 2018, for failing to cut interest rates fast enough. But the clash between the two took a dramatic turn earlier this week when Powell issued a strongly worded video statement, saying he was being prosecuted by the US Department of Justice. Uncertainty surrounding the independence of the US central bank has boosted safe-haven demand for silver.

Safe-haven demand for precious metals also rose as geopolitical risks intensified due to unrest in Iran and warnings from the Trump administration of 25% tariffs on countries trading with Iran, Kedia Advisory said in a note.  

Prices were also supported by a rise in expectations of further rate cuts by the Federal Reserve in 2026. US consumer prices increased in December, cementing expectations that the Federal Reserve will leave interest rates unchanged this month, Reuters reported. But rate cuts this year remain on the table, with the report from the Labor Department on Tuesday showing moderate underlying inflation pressures last month, which economists said suggested the import tariffs pass-through to prices was slowing, the report said. 

"Major banks remain constructive on silver's outlook, with forecasts for 2026 raised sharply, citing a weaker dollar, gold's momentum, and sustained institutional demand despite volatility concerns," Kedia Advisory said in a note.

At 0931 IST, the most-active March silver contract on the COMEX hit a high of $90.89 per ounce. The most-active March silver contract on the MCX also hit a record peak of INR 285,900 per kg, after hitting a record high of INR 282,750 per kg earlier in the day.  End

US$1 = INR 90.09

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Reported by Shreya Shetty

Edited by Avishek Dutta

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