Silver prices are holding close to record territory on Friday, December 19, 2025, as traders balance a cooler U.S. inflation print (supportive for rate-cut expectations) against a firmer dollar and year-end positioning.
At around 09:34 GMT (FXStreet’s latest update just ahead of that at 09:32 GMT), spot silver (XAG/USD) traded at $65.76 per troy ounce, up about 0.5% from Thursday’s close. 1
Silver price today: the latest levels investors are watching
Silver’s price action on Dec. 19 has been tight but elevated, with multiple market feeds showing it hovering in the mid-$65s to around $66:
- 09:32 GMT:$65.76/oz (FXStreet data). 1
- Mid-morning London (10:46 a.m. London time): silver up ~0.9% to $66.08/oz, trading near Wednesday’s record zone (Bloomberg via Moneyweb). 2
- 11:11 GMT: silver up 0.8% to $65.93/oz, and on track for a ~6% weekly gain after hitting an all-time peak of $66.88 earlier this week (Reuters). 3
- 09:25 EST:$65.77 bid / $65.89 ask, with an intraday low of $64.49 and high of $66.26 (Kitco). 4
Despite minor fluctuations across venues and timestamps, the bigger message is consistent: silver remains close to historic highs, with dips quickly attracting buyers.
What’s driving silver on Dec. 19, 2025?
1) Softer U.S. inflation is reinforcing the “lower rates” narrative
A cooler-than-expected U.S. inflation reading has helped keep precious metals supported. Reuters reported U.S. consumer prices rose 2.7% year-on-year in November, below economists’ 3.1% forecast, which nudged market expectations toward easier policy. 3
This matters for silver because it is a non-yielding asset: when markets expect lower interest rates, the opportunity cost of holding metals tends to fall.
FXStreet’s silver commentary also framed the pullbacks as potentially limited because rate-cut expectations can support the metal after profit-taking. 5
2) A stronger dollar is capping upside (at least intraday)
Even with rate-cut chatter, the U.S. dollar’s firmness has been a headwind. Reuters noted the dollar was near over one-week highs, making dollar-priced metals more expensive for buyers using other currencies—often a near-term drag on gold and silver. 3
This tug-of-war—dovish macro vs. firm USD—is a big reason silver is consolidating rather than surging straight through its record.
3) Profit-taking after a record week is real—and visible
Silver is coming off a powerful run, including a push to $66.88 earlier this week. Reuters
That kind of move naturally triggers “lock in gains” flows, especially into year-end.
FXEmpire described Friday’s weakness in early European trade as position-adjustment/profit-taking rather than a decisive break in the bullish macro backdrop. 6
4) Geopolitics are back in the safe-haven mix
Alongside macro, geopolitical risk is supporting haven demand. Moneyweb (citing Bloomberg) flagged Venezuela-related tensions as a factor lifting haven appeal in precious metals. Moneyweb
FXStreet also pointed to escalating U.S.–Venezuela tensions as a potential tailwind for safe-haven assets like silver. 5
Silver performance in 2025: why this rally is getting so much attention
Silver isn’t just “up today”—it has been one of the standout trades of 2025.
- FXStreet reported silver prices up 127.6% year-to-date. 1
- Reuters put silver’s year-to-date gain at 128%, also highlighting outperformance versus gold. 3
FXStreet also noted the gold/silver ratio around 65.78 in Friday’s data snapshot—a level many traders monitor as a quick gauge of relative valuation between the two metals. 1
Silver price forecast and analysis: key levels after 9:34
Forecast coverage on Dec. 19 is converging on one theme: silver is still bullish, but stretched—so levels matter.
FXStreet technical view: bullish bias, but watch overbought signals
In a Dec. 19 technical outlook, FXStreet’s analysis highlighted:
- Dynamic support near the 100-hour SMA around $64.75, viewed as a key “buy-the-dip” area if tested. 7
- Near-term support zones cited around $65.40–$65.35, then the $65.00 psychological level. 7
- Resistance near $66.50–$66.55, followed by the record-high zone near $67.00. 7
- A caution flag: the daily RSI was described as overstretched, suggesting consolidation or a modest pullback could occur before the next leg higher. 7
FXEmpire forecast: support at $65, breakout targets toward $68.70
FXEmpire’s Dec. 19 outlook framed silver as consolidating near $65.85 with:
- Key support:$65.00 (and additional support near the mid-$64s). 6
- Immediate resistance: around $66.90
- Upside target on a clean break:$68.70 6
FXEmpire also cited futures pricing implying roughly a 26.6% probability of a rate cut at the next Fed meeting (via CME FedWatch), underscoring that traders are still debating timing—even if the broader disinflation trend is supportive. 6
FXStreet “profit-taking” scenario: downside may be limited if cuts stay in play
Another FXStreet update earlier in the session described silver slipping to around $64.95 on profit-taking, while arguing the downside could be limited if cooling inflation keeps expectations tilted toward lower rates. 5
What could move silver next?
With silver near record highs, the next catalyst often decides whether the market breaks out or consolidates:
- U.S. rate expectations: If incoming data keeps pointing to cooling inflation and softer growth, it can reinforce the bid under precious metals. 3
- Dollar direction: Any renewed USD strength can slow silver’s advance, even in a broadly bullish metals environment. 3
- Headline risk/geopolitics: Escalation can boost haven demand; de-escalation can cool it. 2
- Positioning into year-end: Thin liquidity and profit-taking can amplify swings in both directions, especially after a year like 2025. 3
Bottom line for silver at 9:34 today
Silver remains firmly in focus on Dec. 19, 2025. Around 09:34 GMT, the market was trading near $65.76/oz, staying close to record territory after this week’s $66.88 peak. 1
The near-term roadmap is clear: rate-cut expectations and geopolitics are supportive, but a stronger dollar and profit-taking are keeping silver in a tight, headline-sensitive range—right below the levels that could trigger the next breakout. 3
