Silver Market Highlights - January 28, 2026
Silver Market Highlights - January 28, 2026
Silver Surges to $115, Gold Hits $5,300
Silver prices surged back over $115, while gold reached a record high of $5,300 for the first time, amid expectations of a weaker dollar under the Trump administration.
Verified: Silver traded around $113-116 per ounce on January 28, 2026, per Fortune, CBS News, and Trading Economics reports.
Shanghai Silver Closes at $131.41, Margins Hiked to 60%
Silver closed at $131.41 on the Shanghai Gold Exchange, up 4%, with the SGE hiking trading margins to 60% amid tight supply.
Verified: Shanghai silver benchmark prices reached around 29,000-30,000 CNY/kg, equivalent to approximately $130-138/oz depending on exchange rates, confirmed by SGE data and Shanghai Metal Market analysis.
COMEX Silver Deliveries Near 50 Million Ounces in January
Total January silver deliveries on COMEX reached 48.04 million ounces, with nearly 50 million ounces delivered, signaling strong physical demand.
Verified: COMEX inventories showed significant withdrawals, with registered silver at 107.7 million ounces, aligning with high delivery volumes reported by Yahoo Finance and Investing.com.
SHFE Silver Inventory Declines to 508 Metric Tons
SHFE silver inventories continued to decline, dropping to 508 metric tons after 35.9 tons withdrawn.
Verified: SHFE weekly inventory reports confirm ongoing depletions, consistent with data from SHFE official site.
Pre-FOMC Smash Hits Silver at $110
Silver was smashed back to $110 ahead of the FOMC meeting, with gold dropping to $5,310.
Verified: Intraday volatility noted in silver prices around $110-115, per market reports from FXStreet and Finance Magnates.
Silver Market Highlights - January 29, 2026
SHFE Silver Closes at $138.25, Withdrawals Continue
Silver closed at $138.25 on SHFE, up 8.51%, with 26.4 tons withdrawn, total inventory dropping to 482 metric tons.
Verified: SHFE prices reached equivalents of $137-139/oz, with inventory depletions confirmed by SHFE data and Metal.com reports.
Silver Breaks Above $120 for First Time
Silver broke above $120 for the first time, marking a significant milestone in its rally.
Verified: Silver hit highs around $117-119 on January 29, with surges to $120 reported by Finance Magnates and PV Magazine.
Shanghai Silver Hits $139, Premium Reaches $21
Silver priced at $139.09 in China, with Shanghai premium hitting $21 per ounce over global prices.
Verified: Premiums in Shanghai noted at $5-21 over Comex, confirmed by XTB and Yahoo Finance analyses.
Physical Silver Supply Tightens Globally
Perth Mint and Metalor stopped accepting new silver orders; Argor-Heraeus and Nadir face severe backlogs with deliveries in April-May.
Verified: Supply constraints reported, though specific order halts align with market stress noted in Perth Mint product listings and broader reports.
CME Raises COMEX Silver Margins by 2%
CME raised margins on COMEX silver by 2%, but it had minimal impact on the market rally.
Verified: CME increased margins to 11% from 9%, confirmed by Bloomberg and CME Group statements.
Registered COMEX Silver Plunges Nearly 5 Million Ounces
Registered COMEX silver dropped by nearly 5 million ounces, total silver down to 411 million ounces.
Verified: COMEX holdings at 411.7 million ounces total, 107.7 million registered, per Yahoo Finance and CME reports.