#Silver Price News Today 29-1-2026 - Elliott Wave and technical analysis of Silver, key support and resistance zones. Video by MCO Global Equities & Commodities.
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Silver prices hit a historic all-time high of $120.46 per ounce on Thursday, January 29, 2026, marking an extraordinary 65% gain in the first month of the year alone. The surge is driven by a combination of industrial scarcity, significant supply deficits, and heightened safe-haven demand due to geopolitical tensions in the Middle East.
Key Market Drivers
-Current Spot Price: Approximately $117.63 – $119.47 per ounce.
-Intraday High: $120.46 (New all-time record).
-Daily Movement: Up roughly 0.9% to 4.7% depending on the trading session.
-India Market (MCX): Silver breached the ₹4 lakh per kg milestone for the first time.
-Gold/Silver Ratio: Dropped to roughly 47:1, its lowest level in 14 years.
Factors Driving Today's Surge
-Industrial Scarcity: Demand for silver in AI data centers, solar energy, and electric vehicles has outstripped supply for five consecutive years, leading to a projected 30-million-ounce deficit.
-China Export Restrictions: China's enforcement of new licensing rules for silver exports, starting in January 2026, has severely tightened global availability.
-Monetary Policy: On January 28, 2026, the US Federal Reserve held interest rates steady at 3.50%–3.75%, but a perceived "dovish pivot" has pressured the US dollar to four-year lows, making silver more attractive.
-Geopolitical Tensions: Escalating tensions between the U.S. and Iran have triggered a flight to safety, benefiting both gold (which breached $5,600) and silver.
Analyst Predictions
-Citigroup: Predicts silver will reach $150 per ounce within the next three months, describing it as "gold on steroids".
-Bank of America: Issued a "caution flag," warning that silver's 298% annual rise shows "bubble-like dynamics" and the market may be overheated.
-Bullish Targets: Other analysts suggest targets as high as $175 to $200 by late 2026 if structural deficits persist.
