Spot silver has achieved an unprecedented milestone, breaking through the $90 per ounce barrier for the first time in history on January 14, 2026. This significant surge, which saw prices rise more than 3%, marks a new all-time high for the precious metal. The rally is primarily fueled by several key factors including softer-than-expected U.S. inflation data, which has reinforced market expectations for interest rate cuts by the U.S. Federal Reserve. Heightened geopolitical tensions, particularly concerns related to Iran and broader global instability, have further amplified safe-haven demand for precious metals. Robust industrial demand, especially from sectors like electronics and green technologies, coupled with tightening inventories, has also played a crucial role in pushing prices higher. Reports of a criminal investigation into Fed Chair Jerome Powell and concerns over the central bank's independence have also contributed to the bullish sentiment in the silver market. The global upswing has had a profound impact on the Indian market, where silver prices have similarly soared to fresh lifetime highs. In Delhi, silver reached ₹2.71 lakh per kilogram, while on the MCX, March futures surged to ₹2.81 lakh per kilogram. Gold has also witnessed a parallel rally, reaching a record high of ₹1.45 lakh per 10 grams in India. Analysts anticipate continued volatility and potential for further gains in silver, with some forecasting prices to reach unprecedented levels as these macroeconomic factors persist.