Overview
- Silver fell about 5–7% on Jan. 15 after the White House held off broad tariffs on critical minerals, a day after touching an all-time high near $93 per ounce; gold also slipped from peaks around $4,642.
- Profit-taking and a brief easing in immediate geopolitical risk after President Trump signaled a wait-and-see stance on Iran contributed to the pullback, though prices remain historically elevated.
- Earlier records were driven by softer U.S. inflation that strengthened rate-cut expectations and by concern over Federal Reserve independence following a Justice Department probe involving Chair Jerome Powell.
- Domestic markets mirrored the surge, with Indian silver near Rs 2.86 lakh per kg and gold around Rs 1.46 lakh per 10 grams, while Pakistan’s per-tola gold also hit a record.
- Silver-linked stocks and ETFs rallied as the metal cleared $90, even as analysts highlighted that forced flows, margin dynamics and thin inventories are magnifying volatility.