Silver Price UK Today: £53/oz as Global Silver Breaks $72 — Latest News, Drivers and 2026 Forecasts (24 December 2025)

London, 24 December 2025 — Silver prices in the UK are ending 2025 with a headline-grabbing surge. The silver price in pounds has climbed to around £53.20 per troy ounce on Christmas Eve, according to live UK pricing from The Royal Mint and other market trackers. ^[1]

That UK move is part of a broader “metals frenzy” playing out globally: Reuters reported spot silver reaching a fresh all‑time high of $72.70/oz on 24 December, extending an extraordinary year in which silver has surged roughly 150%. ^[2]

For UK savers, stackers, and investors, the rally is more than just a number on a screen. It’s a collision of macro forces (rate-cut expectations, a weaker US dollar, geopolitics), physical-market constraints, and a structural shift in how the world values silver — not only as a precious metal, but as an industrial and “critical” input.

Silver price UK today: the key levels in pounds

On 24 December 2025, UK-facing silver pricing is clustered around £53 per ounce:

£53.20 per oz shown on The Royal Mint’s live price display. ^[3]
~£53.25 (XAG/GBP) shown by live XAG/GBP market trackers, with an intraday range that has stretched into the £52.8–£53.7 area. ^[4]

The important context: the “silver price UK” most people see online is usually the spot-equivalent value (one troy ounce of silver priced in pounds). Your real-world purchase price for coins and bars can differ — sometimes materially — because physical products include fabrication premiums, dealer spreads, delivery, and in the UK, VAT.

A crucial UK twist: VAT can change the “real” price for physical buyers

One of the biggest differences between buying silver and buying gold in Britain is tax treatment.

The Royal Mint’s guidance is clear: physical silver bullion delivered in the UK is subject to VAT at the current rate (20%), while many forms of gold bullion are VAT-free for private individuals. ^[5]

That means a UK buyer comparing “spot” to checkout prices is often seeing two different worlds:

Spot price (headline market level in £/oz)
Retail price (spot + premium + 20% VAT on the product)

In practice, when silver is moving fast — like it has this December — VAT and premiums can make the difference between “silver is up 3%” and “my cost is up a lot more than 3%.”

What happened on 24 December 2025: the news driving silver higher

Christmas Eve’s move wasn’t a quiet holiday drift. It was a continuation of a powerful late‑year surge across the precious-metals complex.

1) Silver hit a fresh global record above $72

Reuters reported spot silver reaching $72.70/oz on 24 December, as gold, platinum and palladium also pushed into record territory. ^[6]

2) Rate-cut expectations and a weaker dollar stayed in focus

The rally has been closely tied to expectations that US monetary policy will be easier in 2026, a backdrop that tends to support non-yielding assets like precious metals. Reuters’ global markets wrap highlighted gold and silver at new records alongside a weaker dollar trend into year-end. ^[7]

3) Geopolitics and “deglobalisation” narratives added fuel

Reuters linked the metals strength to geopolitical uncertainty, trade tensions, and diversification away from the US dollar, alongside strong ETF inflows. ^[8]

4) Thin year-end liquidity amplified the swings

A classic late-December dynamic is also in play: fewer participants and thinner liquidity can exaggerate price moves. Reuters explicitly flagged that thin year-end liquidity can be a factor in magnifying market action. ^[9]

5) A reality check: economic data can still trigger pullbacks

UK business coverage noted that while metals hit records, strong US GDP data contributed to a modest pullback by reducing the odds of immediate rate cuts. In other words: the trend is bullish, but it’s not a straight line. ^[10]

Why silver outpaced almost everything in 2025

Silver’s story in 2025 is not just “gold, but cheaper.” It’s a hybrid market where investment flows and industrial demandcan both dominate — sometimes at the same time.

Silver’s “critical mineral” status is changing investor perception

A major narrative shift in 2025: the US government’s critical minerals framework has expanded.

The US Geological Survey reported that the final 2025 List of Critical Minerals added 10 new minerals — including silver — citing economic and national security importance and supply chain risks. ^[11]

That matters because “critical mineral” framing tends to pull silver into the same conversation as strategic commodities — not just jewellery and coins.

Industrial demand isn’t a footnote — it’s the core of the thesis

ING Research emphasises that industrial demand accounts for more than half of total silver consumption, and points to demand tailwinds from electrification, power grids, and vehicles. ^[12]

The Royal Mint also highlighted silver’s industrial links in its own December commentary — pointing to technology/AI infrastructure, EVs, and trade dynamics affecting supply. ^[13]

The deficit narrative remains central (and measurable)

Supply deficits are not just a talking point — analysts are putting numbers on them.

A Nasdaq-hosted summary citing Metal Focus states that the silver market saw a 63.4 million ounce deficit in 2025, with the deficit expected to shrink to 30.5 million ounces in 2026, but still remain a deficit. ^[14]

Even if deficits narrow, the market can remain tight — especially when investment demand rises quickly.

Silver supply is “structurally inelastic”

One of the most underappreciated silver constraints is how it is mined.

ING notes that around 70–80% of global silver output is produced as a by-product of mining for other metals (like lead, zinc, copper, or gold). That means supply can’t be ramped up quickly just because silver prices spike. ^[15]

This is exactly the kind of setup where a demand shock (from ETFs, safe-haven buying, or industrial demand acceleration) can translate into outsized price moves.

London matters: the UK sits at the heart of global silver pricing

Even when the price action is driven by global macro forces, the UK is not a bystander.

London is the world’s key hub for OTC precious metals trading, and the LBMA Silver Price remains a foundational benchmark for the London market. The LBMA notes that the benchmark is administered independently by ICE Benchmark Administration (IBA). ^[16]

For UK investors, this matters because so much “silver price UK” coverage is ultimately derived from the global London-/USD-centred pricing ecosystem — then translated into pounds via FX.

Silver price forecast: what analysts are saying for 2026

Forecasts are diverging sharply — a sign of how unusual 2025 has been.

The bullish view: $80 in sight

Reuters reported that analysts see potential for silver to approach $80 within the next 6–12 months. ^[17]

If that plays out, UK pricing will depend heavily on GBP/USD and market volatility, but the direction of travel would stay positive.

The cautious view: volatility first, and lower averages

ING’s 2026 outlook is more conservative on “average price,” even while acknowledging bullish structural drivers.

In its commodities outlook, ING argues silver should remain supported by a softer US dollar, Fed cuts, and safe-haven demand — but also stresses that silver can “fall harder” than gold in downturns due to its industrial exposure. ING’s research projects silver averaging $55/oz in 2026. ^[18]

How can $55 average coexist with $70+ spot today? In simple terms: an “average” forecast can still include very high peaks — if analysts expect pullbacks or a cooling period later.

A balanced reading for UK audiences

Taken together, today’s forecasting landscape looks like this:

Upside targets are being pulled higher by momentum, deficits, and macro tailwinds (Reuters’ $80 discussion). ^[19]
Base-case averages from bank-style research can remain lower because they assume mean reversion, volatility, and demand sensitivity at elevated prices (ING). ^[20]

For anyone tracking “silver price UK,” the practical takeaway is not to obsess over one number, but to watch the conditions that make either scenario more likely.

What UK investors should watch next

If you’re following silver prices in the UK into 2026, these are the swing factors that can move XAG/GBP quickly:

The US dollar trend and GBP/USD moves
Silver is globally dollar-priced; pound-based returns can be boosted or dampened by FX. Reuters’ year-end wrap highlighted a weaker dollar backdrop in 2025. ^[21]
The pace and timing of rate cuts
Rate expectations have been a core support for the entire metals complex. ^[22]
Geopolitics and trade-policy shocks
Safe-haven flows and “deglobalisation” narratives have been directly linked to the metals rally. ^[23]
Evidence that deficits persist (or shrink faster)
Metal Focus’ deficit estimates suggest tightening continues, even if the gap narrows in 2026. ^[24]
Industrial demand signals (solar, grids, EVs, tech infrastructure)
ING emphasises industrial demand’s dominant role in silver consumption and the sector’s sensitivity to growth cycles. ^[25]

How people in the UK are getting exposure to silver

Because the UK has VAT on physical silver, “how to invest” is not just a product decision — it’s a structure decision. Common routes include:

Physical coins and bars (delivered in the UK)
Straightforward exposure, but typically includes VAT for silver. ^[26]
Allocated storage / digital-style offerings
Some providers structure products and storage in ways that can change tax treatment. The Royal Mint notes, for example, that certain digital silver products can be VAT-exempt. (Always check current rules and product terms.) ^[27]
Exchange-traded products and funds
These can track spot silver more closely (fees and tracking differences apply), and avoid retail premiums — but they come with their own risks and structures.
Mining equities
Higher beta, company-specific risks, and often more correlated with equity-market sentiment.

This isn’t a recommendation — it’s simply the menu UK market participants typically consider when “silver price UK” starts moving like it has in late 2025.

The bottom line for “Silver prices UK” on 24.12.2025

Silver is closing out 2025 with a rare combination of forces all pointing in the same direction: macro support, safe-haven demand, tight physical narratives, and industrial demand tailwinds.

On the day, UK silver is trading around £53/oz, while global silver has printed record highs above $72/oz, according to Reuters. ^[28]

The big question for 2026 is whether this becomes a new plateau — or the final, most volatile phase of a blow-off rally. Forecasts already show the split: some analysts see $80 in reach, while more conservative research warns that volatility and demand sensitivity could pull the average lower even if the long-term thesis stays bullish. ^[29]