Silver Price Today, 28 November 2025: Record High Above $55 as Fed Rate-Cut Bets and Supply Fears Drive XAG/USD

Spot silver has broken into uncharted territory above $55 per troy ounce, extending a powerful 2025 rally on the back of interest-rate cut expectations, tight physical supply and robust industrial demand.

By Markets Desk – November 28, 2025

Key highlights

Spot silver trades around $55.3–$55.4/oz in late morning U.S. trade, with major bullion dealers quoting live spot prices near $55.31–$55.37 per ounce. ^[1]
New all-time high: Reuters reports silver hit a fresh record intraday high of about $55.33/oz, up around 3.5% on the day and about 13% for the month. ^[2]
Futures follow higher: December COMEX silver futures trade near $54.8/oz, after touching a session high of $55.20, with the 52‑week range now stretching from roughly $27.55 to $55.20. ^[3]
Huge 12‑month move: Silver futures are up about 77% over the past year, according to Investing.com and TradingEconomics data. ^[4]
Macro drivers: Markets are pricing in a December U.S. Federal Reserve rate cut, with odds above 80%, while Chinese silver inventories slide to their lowest levels in a decade and the Shanghai market moves into backwardation. ^[5]
India in focus: In rupee terms, Indian silver prices remain elevated, with MCX December futures around ₹1.67 lakh and spot 999‑purity silver quoted near ₹1.73 lakh/kg in major cities. ^[6]

Silver price today, 28 November 2025

As of late morning on Friday, 28 November 2025, spot silver is trading around $55 per troy ounce, near an all‑time high:

JM Bullion shows a live silver spot price of $55.37/oz, up $1.86 on the day (+3.36%) as of 10:33 a.m. ET. ^[7]
APMEX quotes spot silver at $55.31/oz, up $1.64 (+3.04%) with the last update at 10:14 a.m. ET; their live table also lists $1.78 per gram and about $1,778 per kilo. ^[8]

In the global benchmark futures market:

Silver futures (symbol SI) on COMEX are trading around $54.8/oz, up roughly 3.5% on the day, with an intraday range of $52.71–$55.20 and a 52‑week range of $27.55–$55.20. ^[9]

Data compiled by TradingEconomics shows spot silver near $54.12/oz, up about 1.3% on the session, 13.8% over the month and nearly 77% versus a year ago, underscoring just how strong the trend has been even before today’s breakout. ^[10]

Differences between providers reflect slightly different timestamps and data feeds, but together they paint a consistent picture: silver is holding in the mid‑$50s, near fresh record highs.

Silver smashes its all‑time high

Until recently, APMEX cited $54.47/oz, set on 17 October 2025, as silver’s nominal all-time high. ^[11]

Today’s move has decisively broken that ceiling:

Reuters reports that spot silver climbed to a fresh record high of about $55.33/oz, gaining roughly 3.5% in a single session and around 13% so far in November. ^[12]
An analysis published by Stocktwits, using TradingView data, notes that spot XAG/USD hit $55.27/oz, surpassing the prior record near $54.50, and is on track for its biggest weekly gain since May 2024. ^[13]

Taken together with the live dealer quotes, the message is clear: silver has broken into a new price regime above $55, with strong momentum behind the move.

What’s driving today’s silver rally?

1. Fed rate-cut expectations supercharge precious metals

The interest-rate outlook is the single biggest story behind today’s move.

Reuters notes that traders now assign an around 89% probability to a 25‑basis‑point rate cut at the Fed’s December meeting, after dovish comments from Fed officials including Christopher Waller and John Williams, and softer U.S. data following the government shutdown. ^[14]
Stocktwits, citing the CME FedWatch tool, puts the probability of a December cut at roughly 83%, up sharply from about 71% a week earlier. ^[15]
Indian outlet Moneycontrol similarly highlights FedWatch data showing the perceived odds of a December rate cut jumping from about 39% to nearly 87% in just one week. ^[16]

Lower interest-rate expectations reduce the opportunity cost of holding non‑yielding assets like silver and gold, while typically putting downward pressure on the U.S. dollar—both supportive for precious metals.

Reuters quotes analysts noting that this macro backdrop is drawing investors back into the sector, with silver benefitting from the same tailwinds that are sending gold toward the $4,200/oz mark. ^[17]

2. Tight physical supply, especially in China

Beyond macro policy, fundamental supply signals are flashing tightness:

ING analysts, cited by Stocktwits, say China’s silver inventories have fallen to their lowest level in a decade, raising concerns about a potential supply crunch. ^[18]
The Shanghai silver market has moved into backwardation—with near‑term prices higher than longer‑dated contracts—often understood as a sign that physical metal is in short supply right now. ^[19]

China is a major hub for industrial silver demand, especially in electronics and solar manufacturing. Tight inventories there reinforce the narrative that physical supply is struggling to keep up with demand, magnifying the impact of speculative flows when macro conditions turn favourable.

3. Industrial and investment demand pulling in the same direction

Unlike gold, silver is both a monetary metal and a critical industrial input:

FXStreet and other analysts highlight silver’s heavy use in electronics and solar energy, thanks to its extremely high electrical conductivity. ^[20]
APMEX notes that silver’s finite supply, wide industrial usage (from healthcare to automotive and energy) and role as a hedge against currency and market stress keep investment demand strong. ^[21]

This dual role means silver can rally when:

Macro investors seek a hedge against inflation, currency debasement, or financial instability; and
Industrial demand remains firm or rises, particularly in sectors tied to the energy transition (solar panels, EVs, advanced electronics).

In 2025, both forces have been aligned in silver’s favour, helping push prices nearly 77% higher over the past 12 months for futures and around 13–14% higher in just the last month, according to global market data. ^[22]

4. CME outage and thin liquidity added volatility

Today’s price action also unfolded against an unusual backdrop in the derivatives market:

A technical outage at CME Group, caused by a cooling issue at a CyrusOne data centre, temporarily halted trading in currency, commodity, Treasury and stock futures, including silver contracts. ^[23]
Trading resumed after an hours‑long interruption, but brief halts and reduced liquidity can amplify price swings as orders bunch up and then rush into the market once trading comes back online. ^[24]

While today’s rally is fundamentally driven by macro and supply factors, the CME outage likely contributed to sharper intraday moves as traders adjusted positions in a compressed timeframe.

Performance this week, this month and this year

Looking beyond today’s print, the short‑ and medium‑term numbers are striking:

Weekly: Silver futures have climbed from around $49.91/oz on 21 November to approximately $54.92/oz today, a gain of about 10% in a week, according to Investing.com’s daily settlement data. ^[25]
Monthly: Reuters and TradingEconomics peg silver’s monthly gain at roughly 13–14%, cementing November as one of the strongest months of the year for the metal. ^[26]
12‑month change: Investing.com’s summary shows silver futures up around 76.85% over the past 12 months, with the 52‑week high now at $55.20 and the low near $27.55. ^[27]

In a separate analysis, Stocktwits notes that silver has outperformed gold over the last six months, with spot silver up about 63% versus a roughly 27% gain in spot gold over the same period. ^[28]

Silver price today in India and key local markets

India is one of the world’s largest consumers of physical silver—both for jewellery and investment—and domestic prices are reflecting the global surge.

MCX futures and rupee terms

Financial outlet Moneycontrol reports that December silver futures on the Multi Commodity Exchange (MCX)closed on Thursday near ₹1,67,190, up about 1.37% from the previous session around ₹1,64,945. ^[29]
The same report notes that, in dollar terms, spot silver was hovering just above $53/oz in the early hours of November 28 (12:15 a.m. IST), broadly consistent with global pricing at that time. ^[30]

Retail silver rates across Indian cities

Another India‑focused price tracker, Goodreturns, shows 999‑purity silver trading around ₹1.73 lakh per kilogram in major cities such as Mumbai, Delhi, Kolkata and Bengaluru on November 27, with slightly higher quotes—near ₹1.80 lakh/kg—in Chennai and Hyderabad. ^[31]

These rupee prices tend to lag and translate the global USD moves, adjusted for local demand, taxes and premiums, but they underline the reality for Indian households: silver has become significantly more expensive across the board.

Technical picture: key levels traders are watching

Short‑term technical analysis suggests that, despite overbought conditions, bulls remain in control.

Resistance and support levels

An early‑session note from Economies.com described silver as “preparing to attack” a key resistance zone around $54.35, supported by trading above its 50‑day exponential moving average and positive momentum readings. ^[32]
Later in the day, FXStreet reported XAG/USD trading near $53.85, on track for an almost 8% weekly rally, with strong support around $53.50 and near‑term resistance at $54.40, November’s previous peak. The analysis points to potential upside targets at $54.85 (a major prior high) and even $56.60 based on Fibonacci projections. ^[33]

Another technical piece from FXLeaders argues that, after breaking above the $54.42 resistance, bullish traders are now eyeing $56.68 as a logical next target, framing today’s breakout as part of a broader uptrend rather than a one‑day spike. ^[34]

Stops and speculative flows

A commentary on Kitco focuses on the location of buy and sell stop orders in COMEX gold and silver, stressing that many stops are clustered around key support and resistance levels and can trigger bursts of volatility when those levels are breached. ^[35]

Reuters, citing Kitco analyst Jim Wyckoff, adds that silver’s improving chart structure over the past week has invited more “chart‑based speculators” to the long side, amplifying the trend as prices break to new highs. ^[36]

What could move silver next?

With silver at record levels, traders and long‑term investors are watching several catalysts:

Federal Reserve meeting (December):
- The key event is whether the Fed actually delivers the widely expected rate cut and how it guides for 2026. A cut accompanied by dovish forward guidance could extend the rally, while a surprise hold or more hawkish tone might trigger a sharp pullback.
Upcoming U.S. data:
- Market‑moving releases such as PCE inflation, ISM PMIs, employment data and GDP revisions will feed into rate expectations. FXStreet’s macro outlook notes that a flurry of U.S. data in the coming weeks could either validate or challenge the current dovish pricing. ^[37]
Chinese demand and inventory trends:
- Any fresh data on silver inventories in China, changes in Shanghai premiums/discounts, or signals about solar and electronics demand could strengthen or weaken the tight‑supply narrative highlighted by ING. ^[38]
Broader risk sentiment:
- As a hybrid safe‑haven and industrial metal, silver can be sensitive both to equity market volatility and to global growth expectations. Extended risk‑on rallies in stocks could cool safe‑haven demand, while concerns over growth—especially if driven by the energy transition and infrastructure—might keep industrial demand robust.

What today’s move means for investors and traders

For different market participants, today’s price action carries different implications:

Short‑term traders may see the break above $55 as a momentum signal, but also a warning that volatility is elevated and pullbacks can be sudden—especially around major central bank meetings and after outsized weekly gains.
Long‑term investors who accumulated silver at much lower levels are now sitting on substantial gains (around 70–80% over 12 months for futures), and some may begin scaling out or rebalancing. ^[39]
New buyers face a classic dilemma: chase a strong uptrend at record highs, or wait for a correction that may or may not materialize. Historically, silver has been more volatile than gold, with both sharp rallies and deep pullbacks.

Regardless of strategy, market commentators and brokers consistently stress that silver is a high‑risk asset class, and investors should weigh their risk tolerance, time horizon and diversification needs before committing new capital.

Note: This article is for information and news purposes only and does not constitute financial or investment advice. Markets can move quickly; prices and probabilities cited here may have changed since publication.

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