Silver Price Today Hits Fresh Record Above $66 as Fed Rate-Cut Bets, Tight Supply, and Industrial Demand Fuel the Rally (Dec. 17, 2025)

Silver price today surged to a new all-time high on Wednesday, extending one of the most dramatic precious-metals rallies in decades and putting the “white metal” firmly back in the spotlight for both traders and long-term investors.

Spot silver (XAG/USD) climbed as high as $66.52 per ounce before easing to around $65.91—still up about 3.3% on the day—as markets reacted to softer U.S. labor signals, renewed expectations for further Federal Reserve easing in 2026, and an increasingly tight physical market backdrop. ^[1]

Across pricing updates, silver remained around the mid-$65 range in the late morning session, and FXStreet data showed silver trading near $65.76 while highlighting how sharply silver has outperformed this year. ^[2]

Silver price today: the key numbers investors are watching

Here are the levels dominating headlines and analyst notes on Dec. 17:

Intraday record high: around $66.5/oz on spot pricing ^[3]
Recent trading level: around $65.7–$66.0/oz depending on the feed and time window ^[4]
Year-to-date performance: roughly +125% to +128% (depending on calculation and data source) ^[5]
Gold/silver ratio: around 65.7, reflecting silver’s outperformance versus gold ^[6]

That combination—new highs, triple-digit annual gains, and a falling gold/silver ratio—helps explain why silver is dominating market conversation today even as gold remains near record territory. ^[7]

Why silver is surging today

Silver’s move isn’t being pinned on one single catalyst. Instead, today’s rally reflects a rare “stacking” of supportive drivers—macro, physical, and sentiment.

1) The Fed-cut narrative is back in control

A major spark for silver price today was the latest read on the U.S. labor market. Reuters reported that nonfarm payrolls rose by 64,000 jobs, while the unemployment rate ticked up to 4.6%, a level that strengthened the “cooling economy” narrative and increased expectations of additional rate cuts next year. ^[8]

Lower expected rates tend to help non-yielding assets such as precious metals because the “opportunity cost” of holding them falls when yields are expected to decline. Reuters also noted traders were pricing in two 25-basis-point cuts in 2026 after the Fed’s final quarter-point cut of 2025. ^[9]

FXStreet similarly framed silver’s strength as tied to “Fed easing hopes,” noting the metal held above the mid-$65 range after setting new highs earlier in the day. ^[10]

2) Tight supply and “critical mineral” status keep the physical story bullish

Beyond the macro trigger, silver’s longer-running rally has been supported by concerns about tight supply dynamics and persistent deficits.

Reuters highlighted that the advance has been driven by tight supply, strong industrial demand, and rising speculative interest, while also pointing to silver’s growing strategic relevance in “green energy” applications. ^[11]

InvestingLive also emphasized that silver’s record surge reflects a mix of structural deficits and expanding industrial consumption, particularly tied to renewable energy and electronics—plus stronger investor participation through ETFs and retail flows. ^[12]

3) Safe-haven bid and geopolitics add extra fuel

Geopolitical risk didn’t create the rally, but it likely added momentum to it.

Reuters cited rising geopolitical tensions after the U.S. announced a “blockade” targeting sanctioned Venezuelan oil tankers—an escalation that helped keep safe-haven demand supported across precious metals. ^[13]

Silver price today in India: ₹2 lakh/kg becomes the new headline level

The global surge translated quickly into a major move in domestic markets.

Indian coverage reported silver touching historic highs around ₹2 lakh per kilogram at the retail end, with headlines emphasizing a rapid day-over-day jump. ^[14]

ETMarkets reported MCX silver hitting about ₹2,06,111 per kg and noted that globally silver crossed $66 per ounce, keeping the domestic rally aligned with international price action. ^[15]

LiveMint also flagged MCX silver trading above ₹2.04 lakh/kg in morning trade while referencing spot silver’s break above $65/oz as a global milestone. ^[16]

What’s important for readers: India’s rupee-denominated silver price can move even more aggressively than global spot prices when currency trends (USD/INR) and import dynamics amplify the move—especially during fast global breakouts. ^[17]

Forecasts and analyst views published today: what could happen next?

With silver in “price discovery” mode at record highs, forecasts today split into two camps:

Momentum-driven bullish continuation
Near-term consolidation / profit-taking risk

Here’s what major market commentary dated Dec. 17 is highlighting.

Technical outlook: key resistance near $66.8, and a psychological $70 target

FXStreet’s short-term forecast said silver held above $65.50 after hitting record highs, and suggested the bulls may encounter resistance around $66.80. ^[18]

A separate FXStreet technical note described silver trading near $66 in Asian hours, with the 20-period EMA near $63.28 and RSI close to overbought, implying momentum could cool even if the broader bias remains positive. It also pointed to $70 as a next upside zone if the uptrend persists. ^[19]

Economies.com’s analysis published early on Dec. 17 noted silver had broken above $64.60—a key resistance level in their framework—while remaining supported above its moving average trend structure, though it also acknowledged overbought conditions. ^[20]

“Levels to watch” from bullion market notes: support and resistance bands tighten

A daily bullion report from India’s bullion market ecosystem outlined “key market levels for the day,” including nearby resistance levels in the mid-$66 range and support clustered around the mid-$65 area on COMEX silver levels. ^[21]

That same report’s macro calendar section also highlighted a slate of Fed-speaker risk on Dec. 17—useful context for why traders are braced for volatility even in a bullish tape. ^[22]

Fundamental outlook: bullish trend, but don’t underestimate volatility

FXEmpire’s Dec. 17 analysis argued that silver has been leading the precious-metals move and breaking above key levels, while warning that upcoming inflation data and Fed communications could trigger short-term swings—especially if commentary turns more hawkish than markets expect. ^[23]

InvestingLive echoed a similar balance: structural drivers remain supportive, but silver’s volatility is elevated and sharp pullbacks can occur even in a long-term bull phase. ^[24]

Profit-taking calls are growing louder as prices stretch

Not every analyst note today is chasing the rally.

An Investing.com India commentary published on Dec. 17 stated that profit booking could appear in coming days and outlined a tactical view that current levels could present a selling opportunity, with downside targets in the low-to-mid $60s if the market retraces. ^[25]

In India, The Economic Times quoted market voices saying profit-taking is possible but argued prices may remain resilient because of silver’s industrial role (EVs, solar, electronics) and supply constraints. ^[26]

What matters next for silver price today and the rest of the week

Silver is moving on both macro expectations and market positioning, which means the next catalysts are already on traders’ calendars.

1) U.S. inflation data: CPI and PCE are the immediate macro catalysts

Reuters reported markets are awaiting key U.S. inflation readings—CPI on Thursday and PCE on Friday—which could either validate rate-cut expectations (bullish for silver) or push back against them (potentially sparking a pullback). ^[27]

2) Fed speakers: the “tone risk” is high after a big move

Even without a policy meeting, silver can react sharply to shifts in perceived Fed reaction function.

Bullion market notes for Dec. 17 highlighted scheduled remarks from Fed officials later in the day—events that can quickly change the dollar/yield backdrop silver trades on. ^[28]

3) The big picture: silver’s identity is pulling in more capital

Perhaps the most important theme behind silver price today is that silver is trading like a hybrid:

Industrial demand story (energy transition, electronics, manufacturing)
Macro hedge story (rates, dollar, recession risk, geopolitics)

That dual identity is what makes silver rallies powerful—and also what makes corrections fast when macro pricing shifts. ^[29]

Bottom line

Silver price today is making history for a reason: the market is reacting to a blend of Fed easing expectations, record-setting momentum, and a tightening supply/demand narrative that keeps pulling both investors and industrial buyers into the same trade.

The rally’s durability from here may come down to whether upcoming U.S. inflation data and Fed commentary reinforce the idea that 2026 brings more rate cuts—and whether the market can absorb inevitable profit-taking without breaking key technical support zones that analysts are now watching closely. ^[30]