Silver Price Today (December 18, 2025): XAG/USD Near Record Highs Around $66 as US CPI and Fed Rate-Cut Bets Drive Volatility

Silver price today is holding close to record territory, with the white metal trading around the mid‑$66 per ounce area as investors weigh Federal Reserve policy expectations, the direction of the US dollar, and a pivotal inflation update. In early trade, Reuters pegged spot silver at $66.36/oz, up slightly on the day and near Wednesday’s record high of $66.88/oz. ^[1]

By comparison, Investing.com’s real-time feed showed XAG/USD at $66.0075, down 0.32%, with an intraday range of $65.5515 to $66.6255—a snapshot that underlines how choppy price action has been as markets position for macro catalysts. ^[2]

The bigger picture remains striking: silver has dramatically outperformed most major assets in 2025, with multiple market trackers putting the year-to-date gain at roughly ~129% to ~130%. ^[3]

Where silver is trading now

Silver’s tone on December 18 is best described as “elevated but two‑sided.”

Spot silver: near $66/oz, close to record highs, with fast intraday swings. ^[4]
Record context: Reuters reports silver set an all-time high of $66.88/oz on Wednesday; FXStreet references an all-time high around $66.89. ^[5]
Market framing: some feeds show modest gains at points during the session, while others show small pullbacks—common when traders are balancing profit-taking against bullish momentum. ^[6]

That mix of “buy-the-dip” demand and tactical selling is a theme running through much of today’s commentary.

What’s driving silver price today

1) Fed rate-cut expectations are back in focus

Silver is being supported by a familiar macro cocktail: easing expectations for US rates (or at least continued cuts) plus softer yields, which tend to reduce the opportunity cost of holding non-yielding assets like precious metals.

Reuters notes that markets are pricing in two additional 25-basis-point cuts in 2026, following the Fed’s third and final quarter-point cut of 2025 last week. ^[7]

A key headline driver is Fed Governor Christopher Waller, who has been cited across multiple reports as reinforcing the idea that the Fed can still cut rates amid a cooling labor market. ^[8]

2) The US dollar is acting as a speed bump

Even when silver’s underlying trend is strong, the metal can struggle to extend rallies if the dollar is firm. Reuters reported the dollar index held onto earlier gains after touching a near one-week high on Wednesday, which can cap upside for dollar-priced metals. ^[9]

Several daily strategy notes echo the same tug-of-war: supportive rate-cut expectations on one side, and intermittent dollar strength (and profit-taking) on the other. ^[10]

3) Industrial demand + tightening inventories remain part of the bull case

Silver’s 2025 surge is not being treated as a purely “safe-haven” story. Reuters attributes silver’s powerful year to firm industrial demand, steady investment interest, and tightening inventories. ^[11]

FXStreet’s daily silver analysis also highlights demand linked to solar, electric vehicles, and data centers, alongside the market’s deficit narrative. ^[12]

The big event risk: US CPI (and why this CPI is unusual)

Traders are laser-focused on the US Consumer Price Index because inflation readings directly influence the path of rates, yields, and the dollar—all of which feed into silver.

BLS timing: The US Bureau of Labor Statistics scheduled the November 2025 CPI release for December 18, 2025 at 8:30 a.m. Eastern Time. ^[13]

What’s different this month: After the 2025 government funding lapse disrupted data collection, BLS warned the November CPI release and database update will not include 1‑month percent changes for November 2025 where October 2025 data are missing. ^[14]

Consensus expectations: Multiple market briefs (including FX-focused daily outlooks and Reuters reporting) have centered on forecasts around 3.1% year-on-year headline CPI and 3.0% year-on-year core CPI. ^[15]

Why it matters for silver today:

A softer-than-expected CPI can revive “faster cuts” narratives, weakening the dollar and supporting silver. ^[16]
A hotter CPI can do the opposite—pushing yields/dollar higher and encouraging profit-taking in a market that is already extended after a record run. ^[17]

Today’s market mood: momentum is strong—but profit-taking risk is real

Many of the day’s technical notes read like a consensus: silver’s trend is bullish, but the rally has been so sharp that dips and pauses are increasingly likely.

FXStreet’s technical update points directly to overbought conditions on the daily RSI as a reason sellers emerged after the record high—while still arguing the broader setup remains constructive and pullbacks could attract dip-buying. ^[18]

This “bull market with speed bumps” dynamic also shows up in region-by-region pricing feeds:

FXStreet’s pricing snapshot shows silver down 0.57% day-over-day at $66.08/oz, even while noting a massive ~128.71% gain since the start of the year—a reminder that even small daily moves are happening on top of an extraordinary trend. ^[19]
Investing.com’s tape shows a similar theme: modest red on the day, but still near the upper edge of the 52-week range, with the high watermark near $66.8965. ^[20]

Key technical levels traders are watching on December 18

Because silver is near record highs, many analysts are focused on whether price consolidates and breaks higher—or slips into a deeper pullback before the next leg up.

Here are the levels most frequently cited in today’s technical coverage:

Immediate resistance zone: around $66.90–$66.95, with a potential extension toward $68.50 if the macro backdrop (especially CPI) cooperates. ^[21]
Near-term support: around $65.10–$65.20 (often framed as the “dip-buy” area). ^[22]
Deeper support / pullback risk zone: near $63.60–$63.82, referenced as a key downside level if selling accelerates. ^[23]
Structural level to defend: FXStreet also flags the prior breakout region near $64.00 as an important technical “line in the sand” tied to short-term moving averages. ^[24]

A practical way to read this: if silver holds above the mid‑$65s and reclaims the high-$66s, the market may attempt another push into price discovery. If it breaks beneath the low‑$65s, traders may start targeting the low‑$64s to mid‑$63s as the next consolidation area. ^[25]

Silver price forecast: what analysts expect next (2026 focus)

The big forecast headline that keeps surfacing in today’s coverage is the $70/oz level.

Reuters reported that some analysts expect silver to test $70 per ounce next year, especially if US rate cuts continue to support precious metals demand. ^[26]

Other daily outlooks tie the same idea to the CPI catalyst:

FXEmpire’s short-term outlook suggests silver could target $66.90–$68.50 if inflation data reinforces rate-cut expectations, while highlighting downside risk toward $63.60 if the market reprices rates higher. ^[27]
FXStreet’s forecast framing emphasizes a market where deficits and demand themes are expected to remain supportive into 2026, even as the path is likely to include volatility and pauses. ^[28]

A more cautious note also appears in today’s coverage: Moneycontrol’s December 18 commentary points out that with silver near $66/oz after a “meteoric rise,” it could face selling pressure in the near term, raising the question of whether allocations should be increased at these levels. ^[29]

Gold-silver ratio: a quick cross-check investors are using

One of the simplest “relative value” gauges is the gold-silver ratio, which measures how many ounces of silver it takes to buy one ounce of gold.

FXStreet’s daily data shows the gold/silver ratio at ~65.49 on December 18 (slightly higher than the previous day), implying silver underperformed gold marginally on the session even while remaining dramatically stronger over longer horizons. ^[30]

What to watch next (the near-term checklist)

With silver near all-time highs, the next 24–72 hours can be unusually sensitive to macro surprises. Here’s what traders and longer-term investors are monitoring most closely:

US CPI details and market reaction
The release is scheduled for 8:30 a.m. ET, but with the post-shutdown caveats around missing October-linked series, investors may focus heavily on year-on-year readings and category-level signals. ^[31]
Follow-on inflation data
Reuters highlights the market is also tracking the Personal Consumption Expenditures (PCE) price index, a Fed-watched gauge, after CPI. ^[32]
US dollar and yields
Any move in the dollar index or Treasury yields that reshapes real-rate expectations can quickly translate into silver volatility—especially with prices extended. ^[33]
Positioning and profit-taking behavior
With the metal near record highs and some technical measures flagged as stretched, the balance between “buy the breakout” and “take profits” is likely to remain the dominant short-term storyline. ^[34]

Bottom line

Silver price today (December 18, 2025) is consolidating near historic highs around $66 per ounce, after setting a fresh record near $66.88 in the prior session. ^[35] The macro narrative is supportive—rate-cut expectations and a cooling labor picture remain tailwinds—but near-term direction hinges on inflation data and how it shifts the dollar and yields. ^[36]

For 2026, the headline target being discussed most widely is $70/oz, with analysts tying that scenario to continued Fed easing and persistent demand/inventory tightness. ^[37] At the same time, multiple commentators warn that after a run this steep, pullbacks and profit-taking waves are not just possible—they’re likely part of the path forward. ^[38]

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