Silver prices shot up to a new all-time high on Wednesday after the US Supreme Court decided to delay its ruling on President Donald Trump’s tariff policy. The court did not give a decision on January 14, 2026, and that uncertainty pushed investors toward safe-haven assets like silver.
Silver crosses $92 an ounce
On the New York-based COMEX, silver prices jumped during the trading session. The metal touched a fresh record of $92.165 per ounce, rising 6.7% in a single day. In the previous session, silver had closed at $86.338 per ounce, market data showed.
By 10:38 pm IST, silver futures for the March 2026 contract were trading more than 5% higher at $90.753 per ounce, compared to the previous close of $86.338 per ounce.
Gold prices shot up to an all-time high on Wednesday as investors around the world looked for safer places to park their money. By 1:38 pm ET, spot gold was up 0.9% at $4,628.68 per ounce, after touching a record peak of $4,641.40 earlier in the day. At the same time, US gold futures for February delivery closed 0.8% higher at $4,635.70.
MCX Silver prices in India
Silver prices also surged in the Indian market. On the Multi-Commodity Exchange (MCX), silver was trading 4.49% higher, or up by ₹12,362 per kg, at ₹287,549 per kg as of 10:39 p.m. IST on Wednesday. In the previous session, silver had closed at ₹275,187 per kg, official data showed.
US Supreme Court delay adds to market jitters
According to a Bloomberg report, the federal court has not said when it will deliver its next opinion. However, the Supreme Court could schedule more rulings on Tuesday or Wednesday next week. Court arguments suggest that the judges appeared unsure whether Donald Trump had the legal authority to impose the tariffs under a 1977 law that gives presidents special emergency powers.
Market experts, cited by Reuters, say the rally is being driven by strong demand and long-term confidence in precious metals. “All roads lead to gold and silver,” said Alex Ebkarian, chief operating officer at Allegiance Gold. He pointed out that buyers are coming from many different segments and added that the market is now in a structural bull phase, meaning prices could stay high for a long time.
“We anticipate some volatility, but I see silver at $100 as no different than at $90,” Ebkarian said. “Our short-term forecast is between $100 to $144.” He added that precious metals are likely to keep rising through the first quarter.
Meanwhil geopolitical tensions are also playing a big part. Iran warned countries hosting US troops that it would attack American bases if Washington steps in over protests inside Iran.
At the same time, Danish and Greenlandic ministers are expected to meet US Vice President JD Vance, after President Donald Trump once again raised demands for US control over Greenland. These developments added to fears about rising global instability.