Silver Reaches New All-Time High of $120 in Historic Rally

Silver prices climbed to an all-time high of $120 per ounce on January 29, 2026, capping a months-long rally fueled by investor flight to safe-haven assets amid global economic pressures and supply constraints. 

Credit: WatcherGuru

The metal's market capitalization stood at $6.7 trillion with the latest surge, as spot silver traded at the milestone level during morning sessions in major commodity exchanges.

Traders in New York and London reported heavy buying volumes, with the price jumping from $117.87 earlier in the week after hitting an intraday peak of $119.34.

The advance marked a gain of more than 60% for silver in 2026 alone, outpacing earlier highs set in late 2025. 

Investors shifted funds into silver as macroeconomic uncertainties mounted, including sluggish global growth and unstable trade agreements that weakened the U.S. dollar to multi-year lows.

Geopolitical tensions across regions added to the appeal of precious metals, prompting a broader exodus from equities and cryptocurrencies into commodities.

Industrial demand also played a key role, with increased usage in solar panels, electric vehicles, and electronics straining global supplies that failed to keep pace.

The silver market faced another year of deficits, with above-ground stocks remaining limited and production unable to meet the uptick in consumption. 

"JUST IN: Silver reaches new all-time high of $120," Watcher Guru posted on X.

The rally paralleled gold's ascent, which surpassed $5,500 per ounce for the first time on January 28, 2026, as central banks sustained purchases and retail buyers in Asia crowded markets.

"NOW: Silver hits an all-time high of $120," CoinGecko announced in a post on X.

Spot silver settled at $120.45 in some transactions, reflecting momentum from retail and institutional participants who viewed the metal as a lower-cost alternative to gold amid the dollar's decline.

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