Silver Price Today, November 20, 2025: XAG/USD Holds Near $51 as Traders Eye US Jobs Data and Fed Signals

Silver prices are pausing for breath today (20.11.2025), consolidating just above the psychologically important $50 per troy ounce level after a sharp rally earlier this month. Global traders are balancing strong year‑to‑date gains with fresh macro risks, from delayed US jobs data to shifting expectations for Federal Reserve rate cuts.

Below is a detailed, news‑style wrap of today’s silver price action, regional rates, and what analysts are watching next.

Silver price today (20 November 2025): snapshot

Most major live feeds put spot silver around $51 per troy ounce on Thursday, November 20, 2025:

Spot silver (global) – around $50.8–$51.1/oz, with live quotes from major bullion platforms and data providers clustering near this band. JM Bullion shows $51.08/oz (about $1.64 per gram and $1,642 per kilo) as of 04:19 AM ET, down roughly 0.8% on the day. ^[1]
XAG/USD spot (forex) – Investing.com quotes silver at about $50.9/oz, with a daily range between roughly $50.34 and $51.87, and a provisional close for today around $50.79, a drop of about 1.2%. ^[2]
Macro context – TradingEconomics notes silver at $51.19/oz, down around 0.3% on the day but still up roughly 5% over the past month and an eye‑catching 66.5% year‑on‑year, underscoring how powerful 2025’s rally has been. ^[3]

In short, silver is slightly softer today but still trading near multi‑year highs, making this more of a consolidation day than a trend reversal.

What’s driving silver on 20.11.2025?

1. Delayed US jobs data and Fed uncertainty

Markets are unusually focused on today’s delayed US Non‑Farm Payrolls report, which is being released after a temporary government shutdown caused a data blackout. FX analysis from multiple desks highlights how this jobs print could reset expectations for 2026 rate cuts and, by extension, the US dollar and precious metals. ^[4]

Key macro themes today:

Fed minutes & rate‑cut odds – Recent Federal Reserve minutes show a divided FOMC: some officials still see room for cuts, others are wary given sticky inflation. Indian coverage notes traders now price only about a 30% chance of a near‑term rate cut, down from roughly 50% a day earlier, which has supported the dollar and capped the metals rally. ^[5]
Dollar and yields – A firmer US dollar index around the 100 handle and still‑elevated US bond yields raise the opportunity cost of holding non‑yielding assets like silver, encouraging some profit‑taking after the surge above $50. ^[6]
Risk sentiment – Strong tech earnings (notably Nvidia, per broader market coverage) have lifted global equities, pulling some flows out of safe‑haven assets even as geopolitical tensions and trade worries keep a floor under precious metals. ^[7]

The net result: silver is being treated as a “hold” rather than an aggressive buy or sell ahead of the jobs data.

2. Industrial demand story still intact

Silver’s 2025 rally has not been driven solely by safe‑haven demand. A big part of the narrative is industrial usage:

A Reuters commodities poll earlier this year highlighted expectations for structural silver market deficits driven by demand from solar panels, EVs and electronics, even as analysts were still forecasting an average $33.10/oz silver price for 2025—far below today’s ~$51 spot. ^[8]
Research desks and metals strategists continue to emphasize that silver is “dual‑purpose”: a precious metal and an industrial metal. That means it benefits both from hedging flows in uncertain times and from green‑energy demand in growth phases.

Given that backdrop, today’s modest dip looks more like position‑squaring within a broader bullish cycle than a sign that the story has broken.

Technical picture: $49–$50 support, $52–$54 resistance

Technical analysts covering XAG/USD are broadly aligned on the key zones traders are watching today.

Support near $50 and the 200‑period SMA

A MyFXBook/Moneta Markets note describes silver trading “near $50.00,” finding support around its 200‑period simple moving average on the 4‑hour chart. They highlight $49.75 as a key short‑term support level. ^[9]
A separate forecast from Forex24.pro for November 20, 2025 also centers on a support area near $49.45–$49.25, arguing that holding this zone could pave the way for a move up towards $54.35; a breakdown below $49.25 would instead open room for a deeper slide toward the mid‑$47 area. ^[10]

Taken together, the market is treating the high‑$49s to low‑$50s as a “must‑hold” area for the current uptrend.

Bulls eye a breakout above $52

An intraday analysis from FX Leaders notes that silver is stabilising above the $50.43 support zone after last week’s volatility, with price action still tracing a rising trendline from late October. They see a break above ~$52.20 as a trigger for a potential run toward $53.20–$54.40. ^[11]
The same analysis highlights a cluster of “indecisive” candles and a flattening 20‑period EMA, suggesting consolidation rather than trend reversal—a market “catching its breath” after a powerful rally. ^[12]

For now, the base case among technicians is sideways‑to‑slightly‑bullish:

Upside scenario: Strong jobs data that doesn’t overly boost the dollar, plus ongoing industrial demand, could see XAG/USD break above $52 and retest last week’s highs in the mid‑$50s.
Downside scenario: A hawkish surprise from US data or a sharper spike in yields might push silver below $49.5 and trigger a deeper correction.

As always, these are market views, not guarantees. This article is for information only and is not investment advice.

Silver price in India today (MCX and retail)

India remains one of the most important physical silver markets in the world, and today’s data show a fascinating divergence between futures prices and retail bullion rates across cities.

MCX silver futures

Different sources track different contracts, but they broadly cluster in the ₹1.55–1.57 lakh per kg range for front‑month futures:

An Upstox commodities update reports MCX silver December 2025 futures trading near ₹1,56,054 per kg, up about ₹947 (0.61%) around mid‑morning. ^[13]
Economic Times’ live commodity summary shows the December 5, 2025 MCX silver contract around ₹1,54,759 per kg, down about 0.2% intraday, with a day range in the ₹1,53,600–1,56,607 band. ^[14]
Mini contracts (SILVERM) expiring 28 November 2025 are quoted near ₹1,56,750 per kg, slightly higher on the day, with robust volume and open interest. ^[15]

Despite marginal intraday differences, the message is clear: Indian silver futures are holding just below recent record highs.

Retail silver rates: mixed trends and city‑wise differences

On the physical side, there’s some disagreement between price vendors—partly due to timing and the specific benchmark they use:

Goodreturns’ all‑India dashboard shows silver at ₹165 per gram and ₹1,65,000 per kg, down ₹3,000 from yesterday, with most major metros (Mumbai, Delhi, Kolkata, Bengaluru) clustered at ₹1,65,000/kg, while Chennai, Hyderabad and Kerala are quoted nearer ₹1,73,000/kg. ^[16]
A Mathrubhumi city‑wise bullion snapshot puts all‑India silver at around ₹168.10 per gram (about ₹1,68,100 per kg) today, underlining how closely domestic rates track global moves and rupee‑dollar fluctuations. ^[17]
A Goodreturns news piece, updated early this afternoon, describes silver as “crashing” by ₹3,000 per kg compared with the previous day, even as MCX silver futures held firm or ticked higher—evidence that retail prices are catching up to earlier volatility. ^[18]
Brokerage Angel One, which publishes city‑wise bullion updates, shows silver around ₹1,56,620–1,57,350 per kg in Delhi, Mumbai, Kolkata and Chennai, and notes that silver prices have risen in both domestic and international markets versus prior reference levels. ^[19]
The Times of India’s MCX outlook column highlights that MCX silver has recently reclaimed the ₹1,58,000 mark and is eyeing a retest of the ₹1,65,800 swing high, with a suggested stop‑loss zone near ₹1,55,500 for active traders. ^[20]

Why do these numbers differ?

Benchmark differences – Some portals reference IBJA benchmark rates, others use live wholesale quotes or local jeweller prices.
Timing – Midday Indian data may be compared to yesterday’s evening rates, so an “up” day on MCX can still look like a “down” day in retail charts.
Local premiums – Making charges, GST, logistics and dealer margins all create variation across cities.

Despite the noise, the takeaway for Indian readers is that:

Silver remains expensive by historical standards, generally hovering in the ₹1.55–1.70 lakh per kg band depending on contract and city, even after today’s pullback.

Antam silver prices in Indonesia: stability amid volatility

Outside India, local bullion stories also reflect strong but stabilising silver demand.

In Indonesia, a Pintu News article notes that Antam (Aneka Tambang) silver prices are holding steady today:

Headline Antam silver price is recorded at IDR 28,845 per gram on November 20, 2025, described as “stable amid global market fluctuations.” ^[21]
For pure silver bars:
- 250 g base price: IDR 8,618,750 (about 9.56 million including 11% VAT).
- 500 g base price: IDR 16,437,500 (about 18.24 million with VAT). ^[22]

The report emphasizes that, even with big moves in gold and other assets, Antam‑branded silver remains a popular “affordable precious metal” alternative for Indonesian investors, thanks to its relatively low unit cost and strong brand trust. ^[23]

How today fits into the 2025 silver story

Today’s quieter session comes after an exceptionally strong year for silver:

TradingEconomics data show silver up roughly 66.5% year‑on‑year and over 5% in the past month, even after the recent pullback. ^[24]
Algorithmic price‑projection models, such as those aggregated by CoinCodex, still see upside: one 30‑day forecast projects spot silver around $55/oz by mid‑December 2025, implying further gains of nearly 9% from current levels—though these models are based on past price patterns and can be very wrong in practice. ^[25]
Reuters’ April poll, which expected an average 2025 silver price of $33.10/oz and a 2026 average around $34.58, now looks conservative given today’s ~$51 spot, highlighting how supply deficits and macro shocks have outpaced earlier consensus. ^[26]

In other words, silver is no longer the “cheap cousin” of gold it was a couple of years ago. It is trading at levels many analysts did not expect to see until later in the decade, amplifying both its upside potential and downside risk.

Key levels and themes to watch after today

For readers following silver into the next sessions, here are the big signposts:

Price zones
- Support: $49.25–$50.00/oz on XAG/USD, plus ₹1.55 lakh/kg on MCX, are the first lines of defense for bulls. ^[27]
- Resistance: $52–$54/oz is the near‑term ceiling many technical analysts are watching; clearing this band would confirm the next leg higher. ^[28]
US macro data
- The delayed Non‑Farm Payrolls report, plus follow‑up inflation and wage data, will shape expectations for Fed cuts in 2026 and could be the main driver of the dollar, yields and metals over the coming weeks. ^[29]
Industrial demand & green energy
- Watch indicators for solar, EV and electronics output. The Reuters poll highlighted that structural deficits tied to clean‑energy adoption are central to the longer‑term bullish thesis for silver. ^[30]
Positioning and sentiment
- After a 60–70% yearly rally, any shock—whether softer‑than‑expected industrial demand or a hawkish twist from the Fed—could unleash sharp corrections as leveraged longs exit.

Bottom line

Today, November 20, 2025, silver is trading just above $50/oz, modestly lower on the day but still near multi‑year highs.
Technical and macro signals suggest consolidation, not capitulation: key support sits near $49–$50, with potential for a bullish breakout if $52–$54 gives way.
In India and Indonesia, local silver prices remain elevated, with MCX and Antam data showing continued retail and investment interest despite short‑term volatility.
For investors, the key question now is whether upcoming US data and policy decisions validate silver’s explosive 2025 rally—or mark the start of a deeper correction.

Again, this article is informational only and not financial advice. Anyone considering trading or investing in silver should assess their own risk tolerance and, where appropriate, consult a regulated financial adviser.

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