Silver Price Today (Dec. 23, 2025): XAG/USD Flirts With $70 as Safe‑Haven Demand Fuels Another Record Run

Silver prices are pushing into uncharted territory again on Tuesday, December 23, 2025, with the spot silver price holding around the $69.5 per ounce area after briefly tagging a fresh all-time high near $70 in early trade. In a market that’s already been living on adrenaline all year, today’s action adds another chapter to silver’s 2025 story: part safe-haven, part industrial powerhouse, part momentum stampede. ^[1]

Silver price today: where XAG/USD stands right now

By early Tuesday, spot silver was quoted around $69.56/oz after touching a record $69.98, according to Reuters. ^[2]

Other major pricing feeds show the same “near-$70” reality, with slight differences typical of fast-moving markets:

Investing.com showed XAG/USD around $69.51, with an intraday range roughly $68.92 to $70.01 and a daily high at $70.0055. ^[3]
FXStreet reported silver touched a fresh all-time high near $70 early Tuesday, then eased back toward the $69.50 area. ^[4]

These tiny discrepancies aren’t contradictions—they’re the normal result of different data sources and timestamps. The big picture is clear: silver is hovering just below (and sometimes just above) the psychologically loud $70 level. ^[5]

The headline driver on Dec. 23: geopolitics + Fed-cut expectations

Today’s rally is being powered by the classic precious-metals cocktail: geopolitical uncertainty plus falling-rate expectations—and, yes, holiday-thinned liquidity that can make moves sharper than usual.

1) Safe-haven buying linked to U.S.–Venezuela tensions

Reuters reports investors have been moving into precious metals as U.S.–Venezuela tensions remain in focus, after U.S. President Donald Trump announced a “blockade” of oil tankers under sanctions entering and leaving Venezuela. ^[6]

In plain English: when geopolitics gets spicy, silver tends to catch a bid alongside gold—even though silver is also a heavily industrial metal. ^[7]

2) Markets leaning toward looser U.S. monetary policy

Reuters also pointed to rising expectations that the U.S. will lean more dovish in 2026, noting reports that Trump could name a new Federal Reserve Chair by early January and that markets are pricing in two rate cuts next year. Lower rates generally reduce the “opportunity cost” of holding non-yielding metals like silver. ^[8]

FXStreet framed the day similarly: a softer U.S. dollar and rate expectations were central themes into the holiday period, with traders watching incoming U.S. data closely. ^[9]

3) Thin holiday liquidity, bigger swings

Reuters specifically warned that thinner year-end liquidity can amplify price swings, and some analysts expect consolidation during the festive period even if the broader uptrend remains intact. ^[10]

Not just a U.S. story: silver prices in India hit new records

Silver’s surge is showing up loudly in domestic markets as well.

A PTI report carried by The Week said MCX silver futures (March 2026 contract) hit a record ₹2,16,596 per kilogram on December 23. ^[11]
LiveMint also reported MCX silver at a record peak of ₹2,16,596/kg, with prices boosted by the dollar’s dip and the same U.S.–Venezuela geopolitical catalyst echoed in global coverage. ^[12]
Moneycontrol noted MCX silver peaked at ₹2,15,883/kg earlier in the session (10:24 a.m. IST), highlighting how quickly the market has been printing fresh highs. ^[13]

For a quick “snapshot” feel, The Economic Times’ commodity page showed MCX silver around ₹2,15,467/kg at 2:13 p.m. IST, with the day’s high still marked at ₹2,16,596. ^[14]

The bigger reason silver is behaving like it drank rocket fuel in 2025

Today’s headlines explain the spark, but the bonfire has been building for months.

Reuters put it bluntly: silver’s 2025 run has been supported by supply deficits, industrial demand, and investment inflows, with silver up more than 141% year-to-date in the Dec. 23 report. ^[15]

Zooming out, Reuters’ mid-December deep dive described a “perfect storm” behind the rally: investment demand, momentum buying, silver’s inclusion on the U.S. critical minerals list, and demand tied to AI data centers, solar, and electric vehicles—against a backdrop of persistent supply deficit. ^[16]

That “two-natured” identity is silver’s weird superpower:

Gold-like behavior when fear rises (geopolitics, recession worries, currency volatility).
Industrial-metal behavior when tech build-outs accelerate (solar expansion, electrification, data centers). ^[17]

And because silver markets are smaller and more volatile than gold, the moves can be dramatic—Reuters also notes silver can be prone to sharp corrections even in bullish environments. ^[18]

What traders are watching next today

Even in a metal-driven mania, macro data still matters—especially when the market narrative is “rate cuts are coming.”

FXStreet highlighted that the U.S. BEA’s Q3 GDP update is due, with market expectations around 3.2% annualized growth (after 3.8% in Q2), alongside other releases like durable goods and consumer confidence. ^[19]
PTI similarly noted focus turning to U.S. GDP data as traders assess the Fed path. ^[20]
AP emphasized the holiday-shortened week dynamic—markets can be quieter on volume, yet still jumpy on headlines—while noting gold hit fresh records and silver rose alongside it. ^[21]

Bottom line: silver price today is a near-$70 story—with volatility baked in

As of December 23, 2025, silver price today is effectively a “near $70” market, with spot silver around $69.5/oz after fresh record highs, and domestic futures markets like India’s MCX also printing new peaks. ^[22]

The day’s news flow is being driven by safe-haven demand tied to U.S.–Venezuela tensions, expectations of easier U.S. monetary policy, and the reality that thin year-end liquidity can magnify every shove—up or down. ^[23]