Silver price today: drops below $92 per ounce, market focuses on tariff policies

Silver prices experienced a significant correction on January 16. As of the trading session on that day, the international spot silver (XAG/USD) price was reported at $91.7145 per ounce, down 0.76% from the previous trading day.

This price sharply contrasts with the record high set earlier this week. Citibank recently forecasted that silver could surge past the $100 mark before March 2026, and some analysts view the current price correction as a healthy adjustment within an upward trend.

01 Today's Market

On January 16, 2026, the silver market showed a clear correction trend. According to Investing.com data, the spot silver price (XAG/USD) opened at $92.4215 per ounce and closed at $91.7145 per ounce, a daily decline of 0.76%.

Throughout the trading day, silver prices fluctuated between $89.5175 and $92.8095. Data from Trading Economics shows a slight variation, with silver priced at $91.17 per ounce on January 16, down 1.31% from the previous day.

Despite the weak performance on that day, over a longer timeframe, silver remains on a strong upward trajectory. Over the past month, silver prices have increased by 37.77%; compared to the same period last year, the gain is as high as 200.61%.

02 Market Dynamics

The sharp volatility in silver prices is closely related to recent uncertainties surrounding U.S. key mineral tariffs. Previously, the market engaged in safe-haven buying due to fears that the U.S. might impose import tariffs on critical minerals, pushing silver prices to a record high of $93.57 per ounce on January 14.

As the U.S. decided to delay implementing these tariffs and instead sought to secure critical mineral supplies through negotiations, market tension eased, leading to a pullback in silver prices from their highs.

Changes in geopolitical risks also affected the safe-haven demand for silver. Recent easing of tensions with Iran reduced investors’ demand for precious metals as safe assets, further contributing to the price correction.

03 Price Volatility

Silver prices have experienced intense fluctuations recently. According to TwelveData, from the beginning of the year to January 16, silver prices showed a significant upward trend, but with increased volatility.

Between January 6 and January 14, silver prices surged from $76.13 to $92.77, a gain of over 21% in just seven trading days.

In the following two trading days (January 15-16), prices corrected, falling from the high to around $91.69. This large fluctuation reflects the market’s high sensitivity to policy changes and macroeconomic conditions.

Notably, even after recent corrections, silver prices have still increased by over 20% in the first half of January 2026, outperforming many other asset classes.

04 Silver Value

As an asset with both precious metal and industrial metal attributes, silver’s value foundation is more diversified than gold. Silver is widely used in solar panels, electric vehicles, and electronics, with its critical role in advanced technology and clean energy infrastructure leading to its inclusion in the U.S. critical minerals list last year.

Industrial demand accounts for about 50% of total silver demand, a much higher proportion than gold. As the global energy transition accelerates, demand from the photovoltaic industry and electric vehicle sector continues to grow, providing solid long-term support for silver prices.

Silver also maintains its traditional role as a store of value. During periods of rising inflation and escalating geopolitical risks, investors often turn to physical assets like silver to hedge risks and currency devaluation. Currently, the gold-to-silver price ratio is about 51:1, below the historical average, indicating that silver may have valuation advantages relative to gold.

05 Institutional Perspectives

Several financial institutions remain optimistic about the future of silver. Citibank recently forecasted that silver could reach $100 per ounce before March 2026.

Alex Ebkarian, COO of Allegiance Gold, is more optimistic, stating that “silver at $100 is no different from $90,” with a short-term forecast range between $100 and $144.

ANZ Bank analysts expect that gold and silver may continue their upward trend in the first half of the year, with gold challenging the $5,000 level, and silver potentially performing even more strongly. These optimistic forecasts are mainly based on comprehensive assessments of supply and demand fundamentals, geopolitical risks, and monetary policy directions.

06 Gate Perspective

For investors interested in the silver market, Gate offers a variety of trading options and risk management tools. Through Gate, investors can directly trade financial products linked to spot silver prices, capturing investment opportunities in the silver market.

On the Gate platform, investors can:

• Trade silver spot contracts, directly participate in the international silver market
• Use leverage tools to amplify returns (note the associated risks)
• Diversify investments with a range of precious metals products
• Access real-time market data and analytical tools to support decision-making

Gate recommends that investors closely monitor U.S. critical mineral policy developments, geopolitical risk evolutions, and macroeconomic data changes, as these factors can significantly impact silver prices. Additionally, investors should allocate assets reasonably according to their risk tolerance to avoid over-concentration in a single asset class.

Future Outlook

After reaching a historic high, the silver market is undergoing a necessary technical correction. The $93.57 high is both a milestone and an important psychological threshold.

As U.S. critical mineral policies become clearer and geopolitical risks evolve, silver prices may find a new balance around the $90 level.

Financial institutions remain generally optimistic about silver’s prospects in the coming months, with Citibank’s $100 forecast and Allegiance Gold’s short-term target of $144 reflecting market recognition of silver’s long-term value.