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Selling pressure was seen on metal prices last week after strengthening of the US dollar, expectation of interest rate reduction by the Fed, better unemployment figures and reduction in US-Iran tension. The price of silver has fallen by about 5.5% from its record high of $ 93.70 per ounce. On Friday, silver closed at $ 88.537 an ounce on COMEX, which is a decline of about 4.15% in a single day. Due to this, the discussion in the market has intensified that perhaps silver prices are now making a top.

Some traders believe that the US government may adopt old methods like increasing margins to control silver prices. This has happened before also, when Chicago Mercantile Exchange (CME) had increased the margin on silver. If needed, the margin can be increased further.

Why pressure on silver?

According to SEBI-registered commodity expert Anuj Gupta, silver is under pressure due to strong dollar, expectations related to Fed policy and better unemployment data. Apart from this, CME has increased the margin on silver futures contracts for January and February 2026 to 45%, which may reduce buying at upper levels.

Where will the top be made?

Amit Goyal of Pace 360 ​​says that if silver remains below $ 82 an ounce in the international market and does not go back up, then it can be considered that the price has reached its top. Similarly, if the price on MCX closes below Rs 2,70,000 per kg, then the period of profit booking can begin.

Gold-silver ratio symbol

The gold-silver ratio has come down to 52, which means at present silver has become costlier than gold. This indicates that there may be a correction in silver in future, although there is still scope for some more upside.

Will history repeat itself?

Anuj Gupta tells that in 1980, during the Hunt Brothers era, there was a tremendous rise in silver, but later the price fell from 49 dollars to 11 dollars. Even in 2011, after becoming the top, a decline of about 75% was seen. Similarly, this time also there is a possibility of a big fall after forming the top.

Important level for investors

According to experts, there is strong support for silver at $8283 in the international market. If the price goes above $92 then it can go up to $95100. On MCX, after taking support of Rs 2,80,0002,83,000 and going above Rs 2,95,000, levels of Rs 3,05,000 to Rs 3,20,000 can be seen. Overall, fluctuations in silver may continue, hence investors are being advised to act with caution.