Published: Thursday, 13 November 2025
Today’s snapshot
- Spot silver is trading around $54/oz, up roughly 1% on the day and within sight of last month’s record.
- Intraday range: roughly $52.90–$54.40 so far.
- COMEX futures: December silver briefly touched a record ~$54.42/oz earlier today, underscoring persistent upside momentum.
- Gold-silver ratio: with spot gold near $4,207/oz, silver at ~$54 implies a GSR near 78, consistent with a “risk‑on for metals” tone. Reuters+1
What’s moving silver on 13 November 2025
1) Washington breakthrough fuels dovish expectations.
U.S. President Donald Trump signed the bill to end the longest government shutdown, clearing the way for delayed data releases and strengthening expectations for a December Fed rate cut. That combination nudged precious metals higher, with silver tracking gold’s push to a three‑week high. A weaker dollar and steady‑to‑softer Treasuries amplified the bid.
2) Tight physical market backdrop persists.
Since October’s record run, the London spot market has shown signs of persistent tightness/backwardation, at times making it profitable to ship metal back to London from New York—an unusual dynamic that helps explain why rallies have been sticky.
3) Momentum from October’s breakout.
Silver set an all‑time high above $52 in mid‑October amid a historic squeeze; the narrative still matters for positioning and sentiment today. Banks have upgraded their outlooks, with one marquee house now flagging $65 as a plausible 2026 target if deficits endure.
Prices by region
Global (spot): ~$54/oz, day range ~$52.90–$54.40.
India (MCX & retail):
- MCX silver traded near ₹1.63 lakh/kg today; city‑level retail quotes also pushed higher as international prices climbed.
- Across major metros, street prices reflected the spike, with several trackers showing ₹1.70–₹1.82 lakh/kg depending on purity and taxes. (Local taxes and making charges vary.
Market context: where we stand in 2025
- Year‑to‑date performance: silver is up ~75–80% in 2025, outpacing many asset classes as investors hedge policy and growth risks while industrial demand stays resilient.
- ETF pulse: the iShares Silver Trust shows hefty metal in custody (≈15,089 tonnes as of Nov 12)—a high base that speaks to robust investment interest.
Technical picture (levels traders care about)
- Support: The $52.70 breakout zone from earlier in the week now acts as first support; below that, watch the $51.50–$52.00 band.
- Resistance: Immediate supply has appeared near $54.40–$54.50 (today’s high/overnight peaks). A sustained close above that band would keep $55–$58 in play on momentum.
Key stories today (13 Nov 2025)
- Gold extends gains as shutdown ends; silver firms near record — spot silver around $54/oz alongside gold’s three‑week high, on revived Fed‑cut bets and softer dollar.
- COMEX December silver prints a fresh high near $54.42/oz as futures chase spot’s October surge.
- India’s MCX silver rallies with global cues; domestic quotes near ₹1.63 lakh/kg.
What to watch next
- U.S. data catch‑up: With Washington reopened, delayed prints (labor, inflation, manufacturing) will reset rate‑cut odds for December—high‑impact for silver via dollar and yields.
- Spreads & inventories: Keep an eye on the spot–futures spread and London inventories; persistent backwardation/tightness would continue to support spot outperformance.
- Banks’ targets: Street forecasts shifted higher after October’s breakout (some pointing to $55–$65 scenarios into 2026). Whether that sticks depends on how deficits and ETF demand evolve.
Bottom line
Silver is trading near $54/oz on Thursday, 13 November 2025, supported by the end of the U.S. shutdown, softer yields/dollar, and a tight physical backdrop carried over from last month’s record‑setting squeeze. The tape remains momentum‑friendly above ~$52.70, with $54.40–$55 the first ceiling to clear for bulls seeking a run toward the upper‑50s.
Sources: Reuters real‑time metals coverage, Investing.com (spot ranges), Informist (COMEX futures print), WSJ/Bloomberg (October record context), MarketWatch (bank forecasts), iShares/BlackRock (ETF holdings), and Indian market trackers for MCX and retail quotes. Citations embedded above.
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