Silver Price Today 28 November 2025: XAG/USD Hovers Near Record High Around $54 on Fed Cut Bets and Supply Squeeze

Silver is trading close to record territory this Friday, 28 November 2025, with global spot prices clustered around $53.6–$54.2 per troy ounce, depending on the data provider and time of day. Spot XAG/USD quotes on major platforms show prices near $53.8–$54.0, while front‑month COMEX silver futures are trading around $53.8, up roughly 1–2% on the day. ^[1]

That leaves silver just below – and in some feeds only a few cents shy of – its recent record high near $54.50 per ounce, as traders pile into the metal on expectations of a U.S. Federal Reserve rate cut in December, a softer dollar, and mounting evidence of a structural supply squeeze. ^[2]

Over the past month, silver has surged roughly 13%, and it is now up around 76% year‑on‑year, vastly outperforming most major asset classes – including gold. ^[3]

Silver price today: key levels in USD and INR

Global benchmarks (28 November 2025)

Spot silver (XAG/USD)
- Trading around $53.8–54.0 per ounce, with an intraday range roughly between $53.35 and $54.28 on major platforms. ^[4]
- Reuters reports spot silver up around 0.4% on the day to the mid‑$53s, with a weekly gain above 7%. ^[5]
COMEX silver futures (front month)
- Around $53.82 per ounce, up about $0.90 (≈1.7%) on the session.
- Day’s range: roughly $52.55–53.86. ^[6]
Recent highs and 52‑week range
- 52‑week range for XAG/USD: roughly $28.16–54.50 per ounce, placing today’s trade essentially on the ceiling of the past year. ^[7]

India: MCX silver futures

In India, where silver is widely traded on the Multi Commodity Exchange (MCX), December silver futures climbed to about ₹1,63,650 per kilogram, up ₹1,183 (≈0.73%) in today’s session, supported by firm global cues and expectations of easier U.S. monetary policy. ^[8]

Domestic gains mirror the global move, with Indian commentators also pointing to overseas price strength and rate‑cut bets as the primary drivers of today’s rally.

What’s driving silver higher on 28 November 2025?

Today’s move in silver is not happening in a vacuum. A mix of monetary policy expectations, structural supply deficits, industrial demand, and technical momentum is pushing prices toward record territory.

1. Fed rate‑cut bets and a softer U.S. dollar

Gold and silver are both benefiting from a sharp shift in interest‑rate expectations:

A December Fed rate cut is now assigned a probability of roughly 85% by interest‑rate futures traders, up from about 50% just a week earlier, according to Reuters. ^[9]
Gold is on track for its fourth straight monthly gain, trading around $4,160–4,180 per ounce, while the U.S. dollar index heads for its worst week since late July, making dollar‑denominated metals cheaper for non‑U.S. buyers. ^[10]

Lower interest‑rate expectations reduce the opportunity cost of holding non‑yielding assets like silver, encouraging investors to rotate out of cash and into precious metals. The weaker dollar gives that trend an extra push.

2. Supply tightness and multi‑year market deficits

Fundamentally, silver’s rally rests on a multi‑year structural deficit:

The World Silver Survey 2025 estimates that the silver market remained in significant deficit last year, around 148.9 million ounces, roughly 15% of total global demand. ^[11]
Looking ahead, the same survey projects another deficit of roughly 117 million ounces in 2025, marking a fifth consecutive year in which demand outstrips mine supply and recycling. ^[12]
A mid‑year investment outlook from Sprott notes that 2025 is likely to be the seventh year in a row of market tightness, with mine production down about 7% since 2016, even as demand tied to the energy transition keeps rising. ^[13]

A fresh Indian report today frames silver’s latest move as “inching closer to record highs on supply tightness and rising Fed cut expectations”, highlighting the combination of structural shortage and easy‑policy hopes. ^[14]

3. Industrial demand: solar and EVs underpin the story

Silver is not just a monetary metal – it is also a critical industrial input, especially for the green‑energy transition.

Key data points:

A Reuters analysis this week notes that silver has quietly outperformed gold since late 2023, with prices rising about 163% from October 2023 lows to a recent peak above $54, versus roughly 142% for gold over the same stretch. The article links much of that outperformance to surging demand from solar panels and other industrial uses. ^[15]
Industrial silver demand reached about 689 million ounces in 2024, with solar applications alone using roughly 244 million ounces, up more than 150% from 2020 levels. ^[16]
The Silver Institute has previously estimated that solar could account for around 14% of total silver demand in 2025, up from just 5% in 2014, while mine supply has grown only marginally. ^[17]

This demand profile means silver behaves as a hybrid asset: part safe‑haven, part high‑beta play on electrification, renewables and electronics. That dual role helps explain why rallies become self‑reinforcing when macro and industrial narratives line up, as they do today.

4. Technical momentum and breakout dynamics

Short‑term traders are also playing a major role:

FXStreet’s intraday report has silver “steady near $54”, with prices on track for an almost 8% weekly gain. Analysts there highlight resistance around $54.40–54.85, with support first near $53.50 and then around $52.70. ^[18]
A separate analysis from FX Leaders describes silver as trading with “renewed strength” after reclaiming the $52.7–52.9 support band, and suggests bulls are eyeing upside targets toward the mid‑$50s, around $56–57 per ounce, if momentum persists. ^[19]
On the futures side, an Australian evening market wrap describes COMEX silver’s front‑month chart as a “picture of excess demand”, noting that silver prices are turning higher again and helping local silver miners close out another strong week on the ASX. ^[20]

In simple terms, once silver broke decisively above the low‑$50s, trend‑following strategies and momentum traders appear to have accelerated the climb, pushing prices closer to record levels.

5. CME outage and thin liquidity

One twist in today’s trading session is a technical outage at CME Group, which temporarily halted trading in a range of futures contracts, including those tied to commodities, currencies and equities. ^[21]

Reuters notes that the outage has reduced liquidity and widened over‑the‑counter spreads in precious metals. That doesn’t change the underlying bullish narrative, but it can amplify short‑term price swings as trading shifts to alternative venues and liquidity providers. ^[22]

How today’s silver move fits into the bigger picture

Performance versus gold and the gold–silver ratio

On a 12‑month basis:

TradingEconomics data show silver up about 75.9% year‑on‑year, compared with roughly 56.6% for gold. ^[23]
Since late 2023, Reuters estimates silver’s cumulative gain at 163%, versus 142% for gold. ^[24]

Using today’s indicative prices of about $4,160 per ounce for gold and $53.8 per ounce for silver, the gold–silver ratio sits near 77:1, down from the high‑80s to low‑90s seen during earlier phases of the tightening cycle. ^[25]

A falling ratio typically signals that silver is outperforming gold, often in periods when both monetary and industrial narratives are strong.

From $35 to $40 to $50+ – 2025’s stair‑step rally

Context from earlier in the year:

In mid‑2024 and early 2025, silver’s move to the mid‑$30s was already being described as a 13‑year high. ^[26]
By late September 2025, global headlines focused on silver breaking above $40 for the first time in roughly 14 years, as gold simultaneously hit records around $3,500 per ounce. ^[27]
Recent reports now talk about silver approaching or briefly surpassing $54.4–54.5, with today’s trade only a fraction below that mark on many platforms. ^[28]

Behind the rally, banks and research houses have been scrambling to recalibrate their forecasts. Reuters highlights that UBS recently lifted its silver projections and now sees prices near $60 per ounce by 2026, while another Reuters piece from August noted HSBC increasing its average price forecasts and projecting a widening deficit in 2025. ^[29]

In other words, spot prices have moved well ahead of many earlier bank targets, forcing analysts to play catch‑up with the market.

Key things silver traders and investors are watching next

1. December Fed meeting and U.S. data

The immediate macro catalyst is the December Fed meeting:

If the Fed confirms a quarter‑point rate cut and signals more easing in 2026, that would generally be supportive for silver, particularly if the dollar remains under pressure. ^[30]
Conversely, any pushback against market expectations – for example, stronger‑than‑forecast data on activity or inflation – could prompt a short‑term correction after such a steep run.

Traders are also monitoring U.S. indicators like the Chicago PMI and other leading data on the economic calendar for signs of how deep and long any slowdown might be. ^[31]

2. Positioning and flows

CFTC data show that swap dealers’ long positions in COMEX silver futures have risen to around 26,843 contracts, up roughly 13% from a year earlier, reflecting growing institutional interest in the metal. ^[32]

Sustained inflows into silver‑focused ETFs, mining equities and commodity funds would reinforce the bullish narrative; meanwhile, any sharp unwinding of speculative longs could trigger volatility, even if the longer‑term outlook remains tight.

3. Industrial demand and the green‑energy build‑out

Longer‑term, the key questions are:

How quickly solar and EV demand continues to grow, and
Whether the industry can thrift (use less silver per unit) fast enough to offset that growth.

Recent analysis based on Silver Institute data suggests industrial consumption has already pushed the market into several consecutive years of deficit, with solar, EVs and electronics driving much of the strength. ^[33]

If those trends persist while mine supply stays constrained, the structural bull case for silver remains intact, even if prices overshoot in the short run.

FAQ: Silver price today, 28 November 2025

What is the silver price today?

As of Friday, 28 November 2025:

Global spot silver (XAG/USD) is trading around $53.8–$54.0 per troy ounce, with a day range just over $53.3–54.3, depending on the quote source and timestamp. ^[34]
COMEX front‑month silver futures are near $53.82 per ounce, up roughly 1.7% on the session. ^[35]

These levels place silver just below its recent record high around $54.50 per ounce. ^[36]

Is silver at an all‑time high?

On many platforms, silver is trading just shy of its nominal record, with 52‑week highs and recent peaks clustered around $54.4–54.5 per ounce. Today’s prices in the high‑$53s to low‑$54s effectively keep silver within a fraction of that record band. ^[37]

How has silver performed this week and this month?

Week‑to‑date, silver is up about 7–8%, according to intraday analysis from FXStreet and Reuters. ^[38]
Over the past month, silver has gained roughly 13%, and it is up nearly 76% compared with a year ago. ^[39]

That performance makes silver one of the strongest‑rising major commodities in late 2025.

Why is silver outperforming gold?

Silver is benefiting from the same macro forces as gold – rate‑cut expectations, a weaker dollar, and geopolitical uncertainty – plus an additional kicker from industrial demand and structural supply deficits:

Solar, EV and electronics demand has driven industrial usage to record or near‑record levels. ^[40]
Multiple surveys and investment outlooks point to ongoing market deficits, with demand exceeding mine supply and recycling for several years in a row. ^[41]

As a result, silver has outpaced gold both over the past year and since late 2023. ^[42]

Is this a good time to buy or sell silver?

That depends entirely on your own risk tolerance, time horizon and portfolio mix:

In the short term, prices are extended after a steep rally, and volatility is high – especially with today’s CME outage and the upcoming Fed decision. ^[43]
In the longer term, many research houses point to ongoing deficits and strong industrial demand as supportive factors, but they also warn that silver is historically prone to sharp corrections after big runs. ^[44]

This article is for information and news purposes only, not investment advice. Anyone considering trading or investing in silver should review their own financial situation carefully and, where appropriate, consult a qualified financial adviser.

Silver’s performance today – hovering just below record levels on a potent mix of Fed policy hopes, supply tightness and industrial demand – underscores how quickly sentiment can shift in a structurally tight market. Whether prices consolidate, correct or extend higher from here will depend heavily on the December Fed decision, the dollar’s path, and the next wave of data on industrial demand and mine supply.

Silver price prediction. how high will silver go in 2025. #silver #gold #investing