Silver Price Today, December 9, 2025: XAG/USD Near $60 as Fed Rate Cut Bets and Supply Squeeze Drive Fresh Rally

Silver prices are surging again today, with spot XAG/USD trading around $60 per ounce and hovering just below this month’s record highs as traders brace for a pivotal U.S. Federal Reserve decision and an increasingly severe physical supply squeeze. Live wholesale quotes from bullion dealers show silver near $60.05/oz, up about 2.9% on the day as of 10:37 a.m. ET, after earlier trading in the high‑$57s to high‑$58s. ^[1]

At the same time, silver remains one of 2025’s standout assets globally: it has roughly doubled in price this year, with some datasets putting year‑to‑date gains around 100–102%, far outpacing gold’s roughly 60% rise. ^[2]

Live Silver Price Today (9 December 2025)

Key intraday snapshot (New York time):

Spot silver (XAG/USD): ~$60.05 per troy ounce, up $1.73 (+2.88%) vs. yesterday’s close, based on live spot data from a major U.S. bullion dealer. ^[3]
Intraday range so far: roughly $57.6 – $60.0 per ounce, according to European‑session data that showed an opening near $58.15 and a low around $57.61 before prices pushed higher. ^[4]
Recent records:
- Record settlement around $59.1–$59.3/oz last week. ^[5]
- Intraday spikes reportedly reached above $61/oz on December 5. ^[6]
12‑month performance: estimates range from ~85% to just over 100% price appreciation, depending on the data source, making 2025 one of silver’s strongest years on record. ^[7]

Even earlier in today’s New York session, Reuters quoted spot silver at about $58.78/oz, up 1.1% and trading near a record‑high zone around $59.32, underlining how quickly prices have continued to climb as U.S. markets digest Fed expectations. ^[8]

What’s Driving the Silver Price Today?

1. Fed Rate Cut Expectations Dominate the Narrative

The Fed’s final policy meeting of 2025 begins today (December 9) and concludes with a rate decision tomorrow. Futures markets are heavily tilted toward another 25‑basis‑point cut, which would be the third reduction this year.

CME FedWatch and related tools show ~85–90% odds of a quarter‑point cut, according to multiple market reports and analysis pieces today. ^[9]
Softer U.S. labor indicators and cooling core PCE inflation have reinforced expectations that the Fed is shifting decisively into an easing cycle. ^[10]

Lower policy rates and falling real yields reduce the opportunity cost of holding non‑yielding assets like silver and gold. Today’s silver‑specific forecasts stress that:

Silver is holding above the key $58 area as traders avoid large bets ahead of tomorrow’s decision, with many waiting for Chair Jerome Powell’s tone to confirm whether the easing cycle will accelerate. ^[11]
Analysts warn that dovish commentary could ignite a breakout, while a hawkish surprise risks a sharp pullback into the mid‑$50s. ^[12]

2. Weakening Dollar and Macro Uncertainty

Silver’s move today is also being powered by a softer U.S. dollar and lingering macro‑political uncertainty:

The U.S. Dollar Index is edging lower again, with both gold and silver benefiting from renewed dollar weakness in European and U.S. trading. ^[13]
Geopolitical tensions—especially in Eastern Europe—and concerns over U.S. foreign‑policy direction are pushing some investors back into safe‑haven precious metals, with silver gaining both as a haven and as an industrial metal. ^[14]

3. Structural Supply Squeeze and Industrial Demand Boom

Beyond today’s Fed‑centric story, silver’s 2025 rally has a powerful structural backdrop:

Silver has been in a supply deficit for five consecutive years, with industrial demand consistently outpacing mine production, according to recent macro analysis. ^[15]
Exchange inventories are tight:
- London market strains triggered emergency inflows of metal earlier this autumn. ^[16]
- The Shanghai Futures Exchange is reporting the lowest silver stocks in a decade, underscoring how little buffer the market has. ^[17]
Industrial demand is surging from the green‑energy and tech sectors:
- Silver is essential for solar photovoltaics, EV power electronics, 5G networks, data centers, and advanced electronics. ^[18]
- Analysts highlight that the projected boom in solar power alone points to structurally higher silver usage in the coming decade. ^[19]

Recent coverage notes that the metal has doubled in price this year, breaking through long‑term resistance in the $50–$55 range and setting fresh highs above $59, with intraday blows past $61. ^[20]

4. Massive ETF and Investor Inflows

The rally is not just about industrial users—it is also being supercharged by financial investors:

One December report cites 15.7 million ounces of inflows into silver‑backed ETFs in November, the largest monthly increase since mid‑2020 and the ninth inflow month out of the past eleven. ^[21]
A separate analysis today notes that in the first week of December, when silver surged into the $58–$59 range, silver ETF holdings jumped by around 590 tonnes, with the iShares Silver Trust reaching its highest level since early 2021. ^[22]
Deutsche Bank expects ETF holdings to climb to about 1.1 billion ounces of silver by end‑2026, a new record, and forecasts average prices around $55/oz in 2026—a level the spot market has already surpassed in late 2025. ^[23]

Options markets echo this bullish sentiment: call‑option skew on silver has climbed to its highest since 2022, signaling that traders are paying up for upside exposure. ^[24]

Technical View: Key XAG/USD Levels to Watch

Short‑term technical analysis published today paints a picture of high‑range consolidation with a bullish bias:

Immediate resistance:
- Economies.com highlights a “stubborn” resistance zone near $58.80–$58.90, where silver has repeatedly stalled. Trading above the 50‑period moving average and positive momentum indicators increases the odds of a clean breakout. ^[25]
- FXLeaders sets the next resistance cluster at $58.90, then $60.33 and $61.78, calling today’s structure “neutral‑to‑bullish” with RSI around mid‑50s. ^[26]
Support zones:
- Short‑term supports sit around $56.5, $55, and deeper down near $53–$54, levels flagged by several intraday analyses as potential retracement targets if the Fed disappoints bulls. ^[27]
- WalletInvestor’s pivot model places S1 near $58.05 and S3 around $57.11, consistent with today’s early‑session low in the high $57s. ^[28]

A prominent intraday study from OANDA’s MarketPulse emphasizes that silver has been consolidating between roughly $56.60 and $58.50, allowing overbought indicators to cool while price stays near the highs. It sketches two Fed‑driven scenarios for the next 24–48 hours: ^[29]

Dovish Fed / soft labour tone: High odds of new all‑time highs, with $60–$62 cited as a reasonable near‑term spike zone.
Hawkish pushback: A drop toward $54–$55, with a risk of testing the low‑$50s if markets re‑price rate‑cut expectations sharply.

In other words, volatility risk is high, and price action around the Fed press conference is likely to be decisive for whether $60 becomes a durable support or a short‑lived blow‑off top.

Silver Price Today in India (9 December 2025)

In India—one of the world’s largest silver consumers—the metal is also trading near record levels.

Nationwide data show silver at around ₹190,000 per kilogram today (₹1,900 per 10g), up ₹1,000 from Monday’s ₹189,000/kg. ^[30]
Coverage from Indian business media notes that silver has “hit one of its record highs” around ₹1.90 lakh/kgeven as domestic gold prices eased ahead of the Fed meeting, reflecting stronger investor interest in the white metal. ^[31]
Recent articles also tie the move to a sharp slide in the rupee past ₹90 per U.S. dollar, which amplifies global price gains when converted into local currency. ^[32]

Local commentators say retail buyers are becoming more cautious as prices move “out of reach” for many households, but note that demand remains resilient among investors who see silver as both a hedge against inflation and a play on long‑term industrial growth. ^[33]

Silver Price Forecasts: 2025–2026 Outlook

Short‑Term (Days to Weeks)

Algorithmic models
- WalletInvestor lists today’s silver price at $59.71/oz and projects a 1‑year target near $63.79 and a 5‑year target around $82.91, implying moderate upside from current levels rather than a parabolic spike. ^[34]
- Its near‑term forecasts for the next two weeks cluster between roughly $57–$66, highlighting a broad but upward‑tilting range. ^[35]
Trading‑desk and FX analysts
- Intraday notes today generally treat $60–$62 as the immediate upside zone if the Fed validates market expectations for multiple cuts in 2026. ^[36]
- A more cautious camp warns of a pullback toward $54–$55 or even the low‑$50s if Powell pushes back against aggressive easing bets. ^[37]

Medium to Long Term (2026 and Beyond)

Silver’s longer‑term outlook is where forecasts diverge most dramatically:

Aggressive bull case:
- A December FXEmpire forecast argues that ETF inflows, chronic supply deficits, and a falling gold‑to‑silver ratio could push silver first toward $62, then potentially toward $100/oz in 2026, assuming the breakout above the long‑term $50–$55 resistance band holds and Fed policy stays supportive. ^[38]
Institutional base case:
- Deutsche Bank’s precious‑metals outlook (cited by Investopedia) is more conservative, projecting average silver prices of about $55/oz in 2026, even though spot prices have already traded above that level in late 2025. ^[39]
- A major bank’s October commodity update lifted its 2025 silver forecast to the high‑$30s per ounce—levels that now look significantly below realized prices, underscoring how quickly the market has moved. ^[40]
Model‑driven gradualism:
- Algorithmic forecasting tools such as WalletInvestor envision a steadier climb to the low‑$80s by 2030, implying substantial but not explosive appreciation from today’s ~$60 level. ^[41]

What most of these projections share is the assumption that:

Physical deficits persist (industrial demand remains strong, new mine supply lags). ^[42]
Real interest rates stay contained as central banks maintain easier policy to support growth. ^[43]
ETF and retail investment demand remain elevated relative to pre‑2020 norms. ^[44]

If any of those pillars cracks—say, if the Fed turns significantly more hawkish or industrial demand underperforms—silver’s trajectory could look very different.

What to Watch Next

For traders and investors following the silver price today and into year‑end 2025, the main catalysts to watch are:

Fed decision and Powell’s press conference (Dec 10):
- Language about the labour market, inflation persistence, and the pace of 2026 rate cuts will likely set the direction for XAG/USD into the first quarter. ^[45]
Incoming U.S. data:
- JOLTS job openings, ADP, and inflation releases may drive short‑term volatility in the dollar and yields, indirectly steering silver. ^[46]
Warehouse stocks and lease rates:
- Updates on London and Shanghai inventories and leasing costs are key signals for how severe the physical squeeze remains. ^[47]
ETF flows and positioning:
- Continued large inflows into silver‑backed ETFs—or, conversely, sudden outflows—could either reinforce or undermine the current rally. ^[48]

Bottom Line

On December 9, 2025, silver is trading near $60/oz and close to record territory, supported by a rare blend of ultra‑tight physical supply, surging industrial demand, heavy ETF buying, and strong expectations for further Fed easing. Today’s move is less a standalone spike and more a continuation of a historic 2025 breakout that has seen the metal roughly double in price. ^[49]

Whether $60 becomes a durable new floor—or a fleeting peak—will likely hinge on what the Fed signals tomorrow and how long the market is willing to price in “higher silver for longer” amid ongoing macro and supply‑side shocks.

Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Silver prices are volatile, and anyone considering an investment should perform their own research and, where appropriate, consult a licensed financial professional.