Silver Drops Over 6% After Record High

2026-01-29 15:59 By Joana Ferreira 1 min. read

Silver dropped more than 6% to $110 per ounce on Thursday, retreating from a record high near $120 as investors took profits.

The rally had been supported by waning confidence in US assets, boosted after President Trump downplayed the dollar’s four-year low amid tariff threats and criticism of the Federal Reserve.

The Fed meanwhile held interest rates steady, citing resilient economic activity and early signs of labor-market stabilization, while noting inflation remains elevated and the outlook uncertain.

Geopolitical risks stayed elevated after Iran warned it would “defend itself and respond like never before” following fresh threats from President Trump.

Adding to tensions, the European Union confirmed its decision to label Iran’s Islamic Revolutionary Guard Corps (IRGC) as a terrorist organization, alongside reports of the US increasing its military presence near Iran and Tehran announcing live-fire drills in the Strait of Hormuz.



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