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Silver in 2026: the boom, the crash and what came after
In four months silver more than doubled to a record near $121 an ounce. Then it had its worst day on record. Here is what happened, with the numbers.
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The rally
Silver started the 2025–26 run from about $46 an ounce at the end of September 2025. It closed above $50 on 13 October, above $60 on 9 December, above $80 on 6 January 2026 and above $100 on 23 January, according to COMEX daily closes. Its highest close was $115.08 on 26 January, and it touched about $121.58 during trading on 29 January.
That is a gain of more than 150% in four months, extraordinary for a metal that spent most of the 2010s between $14 and $25. Gold rallied too, closing above $5,300 an ounce on 29 January.
52-week high $115.08 (26 Jan 2026)low $46.56 (27 Oct 2025)1-year change +25.7%
The crash of 30 January
The next day the rally broke. Silver fell from its intraday high above $120 to close near $85 in spot trading, a one-day drop of more than 25% and its steepest since 1980; intraday, some measures showed losses of more than a third. Gold fell about 9% the same day.
Detailed accounts from Morningstar and bullion dealer SD Bullion describe a rush for the exits after an exceptionally steep rally. Volatility stayed extreme into February, with several more days of 8–10% moves in either direction.
Spring and summer: a long slide
Silver recovered to the high $80s in March and again in mid-May, but each rally faded. It was near $75 at the start of June, around $60 at the start of July and about $58 in early August. In September, oil rising above $100 a barrel and expectations of another US interest rate rise pushed it lower again: it fell about 4% on 28 September alone.
Silver slides as oil tops $100
Silver fell about 4% as oil prices rose above $100 a barrel and markets priced in another US rate rise, according to Yahoo Finance.
Summer lows near $58
After a slow slide from spring, COMEX silver closed at $57.67 on 3 August, about half its January peak.
The biggest one-day drop on record
Silver plunged from its $121 intraday high to close near $85 (spot), its steepest one-day fall since 1980; gold fell about 9% the same day.
All-time high around $121
Silver touched about $121.58 an ounce intraday; gold also set a record above $5,300.
Silver crosses $100
COMEX silver closed above $100 an ounce for the first time, less than three weeks after crossing $80.
Silver above $60
The rally that began in the autumn carried silver above $60 an ounce.
Silver breaks $50
Silver closed above $50 an ounce, a level it had only briefly touched in 1980 and 2011.
What it meant in India
Indian buyers felt a smaller fall than the dollar price suggests, for two reasons:
- The rupee weakened. A dollar buys about ₹96.47 today, so each dollar of silver costs more in rupees.
- Import duty went up. On 13 May 2026 India raised the duty on silver from 6% to 15%, adding roughly 8.5% to the landed price overnight. Read more.
The India rate today is ₹2,18,319 per kg, including duty and GST. The chart below shows the rupee price with the duty in force on each day; the step in May is the duty change.
52-week high ₹3,69,624 (26 Jan 2026)low ₹1,43,550 (27 Oct 2025)1-year change +48.8%
What to take from it
2026 was a reminder that silver is far more volatile than gold. Its market is smaller and a large share of demand is industrial, so it can overshoot in both directions. For buyers of jewellery and coins, the practical lesson is to spread purchases over time and focus on making charges and purity, which you control, rather than trying to time the market.
Sources
Rules and figures checked on 29 September 2026. Live prices update on this page automatically.