Silver prices have been on a roll over the last few months. The metal has hit yet another all-time high of $120 today, Jan. 29, 2026. Moreover, the commodity’s market cap has reached $6.7 trillion, according to CompaniesMarketCap. Let’s discuss what’s driving silver prices and if the rally will continue.

What’s Behind Silver Hitting A New All-Time High?

Silver prices picked up steam towards the end of 2025. Macroeconomic uncertainties led to investors wanting safe-haven assets, rather than risky stocks or cryptocurrencies. Moreover, the recent geopolitical tensions may have led to further investor worry.

Another factor that is likely influencing silver’s price is the falling dollar value. A weak dollar may have led to an exodus of investors from currencies into commodities. Unstable trade deals and slow growth have substantially hampered the dollar’s position.

Industrial demand for silver has also surged for items such as solar panels, EVs, electronics, etc. The global supply is having a tough time keeping up with the demand. The development may have also pushed silver’s price to a new all-time high.

Also Read: Gold Price Jumps Above $5,500 as Weak Dollar & BRICS Shift Align

Along with silver, gold has also hit multiple all-time highs, breaching the $5,500 mark for the first time in its history earlier today. Gold’s surge may have also contributed to silver’s rise.

Will The Rally Continue?

Given the slow global economic growth, bearish market environment for crypto and stocks, and ongoing geopolitical and trade rifts, silver’s price may continue to surge as investors park their funds in safer assets.

However, when the economy picks up and tensions ease, silver prices could see a dip as investors begin to take more risks. New trade deals could lead to a surge in investor confidence, which could lead to market participants moving away from safe havens. Nonetheless, the pattern is unlikely to change in the coming weeks.