Spot silver is trading firmly above $51 per ounce on Tuesday, 25 November 2025, hovering near recent highs as growing expectations of a December US Federal Reserve rate cut push the dollar and bond yields lower, boosting precious metals. [1]
In India, silver rates are also higher, with all‑India prices around ₹167 per gram / ₹1,67,000 per kg and some city markets—such as Hyderabad—trading close to ₹1.74 lakh per kg. [2]
Silver price today at a glance
Global spot price (XAG/USD)
- US bullion dealer JM Bullion quotes live spot silver at $51.68 per troy ounce as of around 3:06 p.m. Eastern Time, up about $0.15 (0.29%) on the day. [3]
- Major FX/commodity feed XAG/USD shows silver trading in a $50.8–$51.8 intraday range, with the current price clustered around the low‑to‑mid $51s and a one‑year gain near 60%. [4]
- USAGOLD’s live board similarly places spot silver near $51.2 per ounce, underlining how most major feeds are grouped in a narrow band above $51. [5]
TradingEconomics data show that silver is up roughly 9% over the past month and around 60–70% compared with a year ago, highlighting how 2025 has turned into a breakout year for the metal. [6]
Near a short‑term high
Newswires note that silver has climbed above $51.5 per ounce, reaching its highest levels since mid‑November and approaching a two‑week high as softer US economic data and dovish Fed commentary weigh on the dollar. [7]
Futures market snapshot: COMEX and MCX
COMEX silver futures (New York)
- Data from the main silver futures contract show prices broadly trading just above $51/oz, with today’s range roughly $50.3–$51.5 and a daily gain of around 0.8% on many platforms. [8]
- Separate reporting from Nasdaq notes front‑month November COMEX silver trading near $50.93/oz, up about 1.3% as intraday buying followed fresh US inflation data. [9]
Indian futures and benchmarks (MCX)
- According to Angel One’s city‑wise snapshot, MCX Silver 999 is quoted near ₹1,56,560 per kg, with local retail silver around ₹1.56–1.57 lakh/kg in key centres such as Delhi, Mumbai and Chennai. [10]
- Upstox reports that March 2026 MCX silver futures have advanced to roughly ₹1,60,899 per kg, a gain of ₹2,697 (about 1.7%) on the day, reflecting renewed optimism on precious metals linked to Fed rate‑cut hopes. [11]
Together, the futures curves in New York and on India’s MCX confirm that the move in spot silver is backed by active speculative and hedging demand, not just a one‑off tick in physical quotes.
Indian silver prices today: city‑wise picture
Domestic prices in India are tracking the global move, amplified by rupee dynamics and festive‑season demand.
- All‑India benchmark: Goodreturns’ national rate puts silver at ₹1,670 for 10g and ₹1,67,000 per kg for 25 November, up ₹4,000 per kg from Monday—about a 2.5% daily jump. [12]
- The same data show silver rising from ₹1,52,000/kg on 1 November to ₹1,67,000/kg on 25 November, a monthly gain of almost 10%. [13]
- Brokerage 5paisa similarly summarises today’s all‑India price at ₹167 per gram (₹1,67,000 per kg) and characterises the move as a rebound after a brief correction, supported by both retail and industrial demand. [14]
City‑level highlights
- Hyderabad: The Hans India reports silver at ₹174 per gram / ₹1,74,000 per kg, clearly above the all‑India average and marking a “clear rise from yesterday.” [15]
- Major metros: Angel One’s tally shows city retail prices broadly in the ₹1.56–1.57 lakh/kg range in Delhi, Mumbai, Kolkata, Chennai, Ahmedabad, Bengaluru and Hyderabad, with MCX Silver 999 acting as a common reference point. [16]
Indian media emphasise that the latest jump in gold and silver is linked directly to expectations of a US Fed rate cut in December, which has pushed MCX gold above ₹1.25 lakh per 10g and lifted silver by around ₹1,900 per kg on the day in some reports. [17]
What is moving silver prices on 25 November 2025?
1. Fed rate‑cut bets and US macro data
A key catalyst today is the shift in US interest‑rate expectations:
- A Nasdaq/RTTNews report highlights that gold and silver jumped after US Producer Price Index (PPI) data showed a 0.3% month‑on‑month rise in September, broadly in line with forecasts, and 2.7% year‑on‑year, reinforcing the view that inflation is not re‑accelerating. [18]
- The same report notes that front‑month COMEX silver gained about 1.27% to $50.93/oz, alongside a strong move in gold, as traders increased bets on a quarter‑point Fed rate cut at the 9–10 December meeting, with implied probabilities around 85% on CME’s FedWatch tool. [19]
Dovish comments from Fed officials—such as Governor Christopher Waller and San Francisco Fed President Mary Daly, who have openly argued for another cut given softening labour‑market data—have reinforced the narrative that policy will ease further. [20]
Lower expected interest rates reduce the opportunity cost of holding non‑yielding assets like silver and tend to weaken the US dollar, both of which are historically supportive for precious‑metal prices.
2. Dollar softness and falling bond yields
Commentary from FX providers notes that US Treasury yields have been under pressure and the dollar index has slipped as traders rotate into risk assets and safe‑haven metals simultaneously. [21]
Analysts at FXStreet describe silver as holding around $51.45 during the Asian session while trading comfortably above its medium‑term moving averages—a technical configuration that fits with a weaker‑dollar backdrop and supportive real yields. [22]
3. Strong year‑to‑date performance and momentum
TradingEconomics data show silver up around 9% in the last month and over 60% year‑on‑year, easily outpacing many other commodities. [23]
The Silver Institute points out that spot prices hit a record high near $54.5/oz in mid‑October, and although they corrected afterwards, silver has mostly held above $47, signalling resilient underlying demand and keeping the metal in a high‑price regime. [24]
Technical picture: key levels traders are watching
Short‑term technical analysis published today paints a broadly bullish but tactical picture for XAG/USD.
Support and resistance
- FXStreet’s four‑hour chart analysis notes that silver is holding above its rising 200‑period EMA, currently around $49.3, and that MACD and RSI indicators are both consistent with a strengthening bullish bias. [25]
- The same analysis suggests that as long as prices remain above roughly $51 and, more importantly, above the $49–50 support zone, silver looks well‑placed to push through $52, retest last week’s high around $52.4–$52.5, and potentially challenge the $53 region. [26]
- FXLeaders frames $50.75 as a key “floor” defended by bulls and outlines an upside scenario pointing toward approximately $53.2 if that support continues to hold. [27]
Meanwhile, a separate piece from MarketPulse earlier in the week warns of a double‑top pattern after silver failed to hold above recent highs, hinting at the risk of range‑bound trade if buyers lose conviction at the $52–$53 band. [28]
In plain language: markets currently see $50–$51 as the main support zone and $52–$53 as the main ceiling for near‑term price action. A decisive break on either side would likely trigger a stronger move.
Fundamental backdrop: structural deficit and industrial demand
Beyond today’s headlines, the medium‑term story for silver still revolves around supply‑demand tightness.
A November update from the Silver Institute estimates that in 2025:
- Global silver demand will come in around 1.12 billion ounces, down roughly 4% year‑on‑year, with declines across industrial demand, jewellery, and bar‑and‑coin buying. [29]
- Industrial demand is forecast near 665 million ounces, about 2% lower, as high prices encourage “thrifting” (using less silver per device) even while sectors like solar photovoltaics and data‑centre electronics remain strong. [30]
- Mined supply is expected to be about 813 million ounces, roughly flat versus last year, with higher output in Mexico and Russia offset by lower production in Peru and Indonesia. [31]
- The market is still on track for its fifth successive structural deficit, estimated at around 95 million ounces in 2025, leaving a cumulative shortfall close to 820 million ounces over 2021–2025. [32]
The Institute also notes that silver‑backed exchange‑traded product (ETP) holdings are up about 18% year‑to‑date, a sign that institutional and retail investors have been steadily adding to positions during 2025’s rally. [33]
This combination of persistent structural deficits, strong investment demand and gradually tightening above‑ground inventories helps explain why silver has remained elevated above $50 even after October’s spike.
What today’s move means for investors
From an investment perspective, today’s action reinforces a few themes:
- Rate expectations dominate the short term.
US PPI figures, softer labour‑market data and openly dovish comments from several Fed officials have pushed markets to price in a high probability of a December rate cut, which in turn supports both gold and silver. [34] - Volatility remains high.
With spot prices oscillating in $1–2 intraday ranges and weekly moves measured in multiple percentage points, silver remains a high‑beta macro play, not a slow‑moving store of value. [35] - India’s domestic market is feeling the squeeze.
Local prices at ₹1.67 lakh/kg nationally and ₹1.74 lakh/kg in Hyderabad highlight how rupee‑denominated silver is at or near record territory, affecting jewellery demand but also signalling robust investment interest ahead of the peak wedding and festival season. [36] - Structural deficits still matter.
Even if demand cools slightly in 2025, the Silver Institute’s projected fifth consecutive market deficit and large cumulative shortfall keep a supportive floor under prices over the medium term, especially if investor interest in solar, EVs and AI‑driven electronics remains strong. [37]
None of this guarantees that silver will continue to rise—after a year in which the metal has already gained roughly two‑thirds, sharp corrections remain entirely possible. But as of 25 November 2025, the balance of macro drivers (dovish Fed, softer data, weaker dollar) and structural fundamentals (tight supply‑demand) help explain why XAG/USD is still holding comfortably above $51 per ounce and why rupee silver is setting fresh benchmarks across India.
All price levels are approximate and can change rapidly. This article is for information and news purposes only and does not constitute investment advice.
References
1. www.jmbullion.com, 2. www.goodreturns.in, 3. www.jmbullion.com, 4. www.investing.com, 5. www.usagold.com, 6. tradingeconomics.com, 7. www.tradingview.com, 8. www.investing.com, 9. www.nasdaq.com, 10. www.angelone.in, 11. upstox.com, 12. www.goodreturns.in, 13. www.goodreturns.in, 14. www.5paisa.com, 15. www.thehansindia.com, 16. www.angelone.in, 17. m.economictimes.com, 18. www.nasdaq.com, 19. www.nasdaq.com, 20. www.nasdaq.com, 21. www.fxstreet.com, 22. www.fxstreet.com, 23. tradingeconomics.com, 24. silverinstitute.org, 25. www.fxstreet.com, 26. www.fxstreet.com, 27. www.fxleaders.com, 28. www.marketpulse.com, 29. silverinstitute.org, 30. silverinstitute.org, 31. silverinstitute.org, 32. silverinstitute.org, 33. silverinstitute.org, 34. www.nasdaq.com, 35. www.investing.com, 36. www.goodreturns.in, 37. silverinstitute.org
