Silver Price Today, 23 November 2025: XAG/USD Holds Near $50 as Fed Jitters and Crash Fears Keep Volatility Elevated

Silver prices are trading around the psychologically important $50 per ounce mark today, 23 November 2025, after a week of sharp swings driven by shifting expectations for US interest rates and growing talk of a global market crash. Live spot quotes from major bullion platforms place XAG/USD near $50.0 per ounce, roughly 1–1.3% lower than Friday’s close, yet still only about 8% below October’s all‑time highs above $54. ^[1]

In key physical markets such as India and Nepal, silver rates remain elevated despite recent corrections, with prices ranging from roughly ₹1.6 lakh to ₹1.9 lakh per kilogram in major Indian cities and Rs 3,135 per tola in Kathmandu. ^[2]

Global silver price today (23 November 2025)

Different data providers quote slightly different live prices, but the overall picture is consistent: silver is consolidating around $50 after a sharp pullback from record highs.

Spot silver (XAG/USD) on major FX platforms is currently around $50.0 per ounce, with a daily trading range between roughly $48.63 and $50.87. The previous close was near $50.65, highlighting a modest day‑on‑day decline. ^[3]
JM Bullion quotes a live spot price of $50.24 per ounce, $1.62 per gram and $1,615.25 per kilogram, showing a drop of about $0.57, or 1.13%, in the last 24 hours as of 07:15 ET. ^[4]
On the futures side, COMEX silver is last seen near $49.66 per ounce, down 1.27% on the session, after settling at $50.395 previously. Today’s intraday high and low sit around $50.56 and $48.05 respectively, underscoring just how volatile the market remains. ^[5]

In the international press, some outlets still reference silver just above $51 per ounce in intraday commentary, which is broadly consistent with the $48–51 trading band implied by futures and FX data feeds. ^[6]

How far is silver from its recent peak?

Silver’s pullback is notable but still modest compared with this year’s explosive rally:

Silver hit an all‑time high around $54.4–$54.5 per ounce in mid‑October 2025, after a nearly 40% surge from late September, according to Trading Economics and other market trackers. ^[7]
At roughly $50 today, the metal trades only about 8% below that record, keeping it firmly in “elevated” territory by historical standards.
Over the last year, silver is up roughly 60%, and over the last three years it has gained about 137%, according to long‑term performance data. ^[8]

Put simply, today’s weakness is a correction within a powerful uptrend, not a collapse back to pre‑rally levels.

Silver rate today in India (23 November 2025)

India, one of the world’s largest silver consumers, continues to see high but volatile domestic prices.

National snapshot

Recent bulletins from Indian business media show that silver has been trading at elevated levels across the country, even as it tracks global corrections:

A weekend update from Mathrubhumi put the national silver rate at around ₹160.90 per gram, or roughly ₹1,60,900 per kilogram, with cities like Delhi, Mumbai and Kolkata broadly aligned at that level and Chennai quoting a premium closer to ₹1,74,900 per kg as of Saturday, 22 November. ^[9]
City‑wise data compiled today by Possible11 suggests that some local markets have edged higher again, with spot rates around:
- Delhi: ~₹1,81,000 per kg
- Ahmedabad: ~₹1,91,000 per kg
- Jaipur: ~₹1,82,000 per kg
- Lucknow: ~₹1,85,000 per kg
- Chandigarh: ~₹1,76,000 per kg ^[10]

Dedicated “silver rate today” trackers from outlets like Forbes Advisor India and Goodreturns also show Sunday’s prices hovering in this broad ₹1.6–1.9 lakh per kg band, varying by purity and city. ^[11]

MCX silver futures: correction but uptrend intact

On the Multi Commodity Exchange (MCX), silver futures have mirrored the global sell‑off seen after the latest US economic data:

Coverage from Indian business dailies on 21 November noted that MCX silver December 2025 contracts fell roughly 1.5–1.7% on Friday, with prices sliding to the region of ₹1.50–1.52 lakh per kg. ^[12]
According to data carried by The Shillong Times, using figures from the Indian Bullion and Jewellers Association (IBJA), silver ended the week at ₹1,51,129 per kg, down about ₹3,804 from Monday’s ₹1,54,933 — a decline of roughly 2.5% over the week. ^[13]

Analysts quoted in the Shillong report describe this drawdown as a “sharp yet healthy correction” and argue that the broader bullish trend on both COMEX and MCX remains intact, so long as prices hold above key support zones. ^[14]

Silver price in Nepal and other Asian hubs

The regional picture across South Asia today highlights how closely local bullion markets shadow international moves:

In Nepal, state‑owned daily The Rising Nepal reports that silver is trading at Rs 3,135 per tola in the domestic market today, up from Rs 3,100 on Friday, as local prices catch up with the prior international rally. The same article cites international media putting silver near $51 per ounce today. ^[15]

While detailed “silver today” bulletins from Bangladesh and other Asian hubs focus more heavily on gold, the directional trend is similar: high prices with frequent daily swings, tightly linked to moves in the US dollar and global rate expectations. ^[16]

What is driving silver’s move today?

1. Fed rate‑cut expectations swing again

The primary macro driver behind this week’s volatility is the changing outlook for US interest rates:

A stronger‑than‑expected US jobs report for September — released late due to a government shutdown — showed an addition of around 119,000 jobs and pushed unemployment up to 4.4%. ^[17]
Following that data, major global banks like J.P. Morgan and Morgan Stanley dialed back expectations for a December 2025 Fed rate cut, while others such as Deutsche Bank and Citigroup still see a chance of easing. Market tools now imply a majority probability that the Fed keeps rates on hold at its 9–10 December meeting. ^[18]

For precious metals, fewer or delayed rate cuts usually mean:

Higher real yields → less appeal for non‑yielding assets like silver
Stronger US dollar → downward pressure on dollar‑denominated commodities

Market commentary from outlets such as Trading Economics and Indian financial media explicitly links silver’s recent slide — including Friday’s drop toward $50.8–$51 per ounce — to these easing rate‑cut bets and a firmer dollar index. ^[19]

2. Futures and local markets reacting in sync

Reports from Outlook Business, The Economic Times, and other commodity desks describe how gold and silver futures declined together on Friday, 21 November, as traders digested the jobs data and Fed minutes: ^[20]

On MCX, silver futures dropped around 1.5% intraday.
COMEX silver futures also closed lower, feeding directly into spot XAG/USD quotes used by bullion dealers worldwide. ^[21]

By Sunday, 23 November, spot prices have stabilised near $50, but the narrative is still dominated by whether the Fed will cut rates soon, wait until 2026, or pause for longer, a debate that will likely drive the next big move in silver.

From record highs to “healthy correction”

Despite the red ink on screens this week, silver is still enjoying one of its strongest years in decades:

Multiple analyses from metals specialists and bullion dealers note that silver surged nearly 80–90% year‑to‑date before peaking in October, with new record highs around $54.4–$54.5 per ounce. ^[22]
Barchart and other technical commentators have highlighted the $50 level as a “pivotal” line — a zone that had previously acted as resistance and is now being tested as support. ^[23]

From a longer‑term perspective:

Silver’s 52‑week range now stretches from roughly $28.16 to $54.50 per ounce. ^[24]
Over the past year, silver is up about 59%, and over three years up roughly 137%, outpacing gold and major stock indices. ^[25]

This context explains why many analysts still describe the recent move as a “healthy correction” in an ongoing bull market rather than the end of the cycle.

Sentiment spotlight: Robert Kiyosaki’s big bet on silver

Adding extra drama to today’s headlines, Robert Kiyosaki, author of Rich Dad Poor Dad, weighed in on silver in a widely shared post and interview covered by NDTV Profit this afternoon. ^[26]

Key points from his latest comments:

Kiyosaki claims the “biggest crash in history” is underway across global markets in 2025.
He urges investors to favour assets with “intrinsic and industrial value”, specifically naming silver and Ethereum alongside gold and Bitcoin. ^[27]
With silver “around $50” today, he argues the metal is still undervalued relative to its uses in technology, solar panels and industry.
He goes as far as predicting that silver could move to $70 in the near term and possibly $200 by 2026, framing the current volatility as a “once‑in‑a‑lifetime wealth‑building opportunity” for those willing to buy the dip. ^[28]

These are, of course, highly speculative personal views, not a consensus forecast. Other commentators — especially technical analysts who see a double‑top pattern near $54 and warn of potential deeper pullbacks — remain more cautious about near‑term upside. ^[29]

Key levels and factors to watch after today

With silver hovering near $50 on 23 November 2025, several technical and fundamental signposts stand out:

Technical levels

Immediate support: The $48–49 per ounce region, which has been tested intraday on COMEX and in spot markets over the last few sessions. ^[30]
Psychological pivot:$50 itself is acting as a pivot — a close well above this mark would signal that buyers are defending the uptrend; repeated closes below could invite further selling. ^[31]
Resistance: The $52–54 zone, where silver formed its recent peak and potential double‑top, remains the barrier to any renewed breakout. ^[32]

Macro events

In the days and weeks ahead, traders will be watching:

The Federal Reserve’s 9–10 December meeting
- Markets are currently split on whether a quarter‑point rate cut is still on the table or whether the Fed will stay on hold, with probabilities swinging in response to every new data point. ^[33]
Fresh labour‑market and inflation data
- Any sign that inflation is sticky or the jobs market stays strong could keep real yields high and continue to pressure silver. Conversely, weaker data would likely revive rate‑cut bets and support precious metals. ^[34]
US dollar and risk sentiment
- A stronger US dollar index has already been cited as a key reason for recent declines in both gold and silver. If the dollar weakens again, silver could benefit disproportionately given its more volatile profile. ^[35]
Industrial demand trends
- Longer‑term bullish reports point to robust demand from solar, electronics and EV sectors, which has been an important part of this year’s rally. Those fundamentals haven’t changed overnight, even as macro headwinds dominate today’s trading narrative. ^[36]

What today’s price means for investors

For readers tracking silver price today, 23 November 2025, a few practical takeaways emerge:

Short‑term traders are dealing with a fast, headline‑driven market where intraday ranges of $2–3 per ounce are possible, especially during US hours. Tight risk management is essential. ^[37]
Long‑term investors see a metal that is still near historical highs, yet has already corrected about 8% from October’s peak and remains supported by strong multi‑year performance and structural industrial demand. ^[38]
Domestic buyers in India and Nepal face near‑record local prices in rupee terms, amplified by currency moves. For them, today’s dip may feel modest compared with the huge run‑up of the last few years. ^[39]

As always, silver’s combination of safe‑haven appeal and industrial utility makes it more volatile than gold — capable of rapid rallies and equally swift corrections.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Silver and other precious metals can be highly volatile. Always consider your risk tolerance and, where necessary, consult a qualified financial advisor before making investment decisions.

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