At 1:38 p.m. (13:38:07 on Investing.com’s real-time feed) on Tuesday, December 23, 2025, spot silver (XAG/USD) traded at $70.8965 per ounce, up about 2.65% on the day. The move capped another volatile session in which silver’s day range stretched from $68.8445 to $71.0925, keeping the metal pinned near record territory as buyers pushed into “price discovery” above the psychologically important $70 level. [1]
The breakout comes amid a rare convergence of bullish forces: strong industrial and investment demand, tightening inventories, and geopolitical risk, paired with a macro backdrop that still favors precious metals—a softer U.S. dollar and expectations for easier U.S. monetary policy in 2026, even as growth data complicates the near-term rates narrative. [2]
Silver price today: where XAG/USD stands at 1:38
Here are the key levels and metrics traders were watching at 1:38:
- Spot silver (XAG/USD): $70.8965 (real-time quote) [3]
- Daily change: +$1.8315 (+2.65%) [4]
- Intraday range: $68.8445 – $71.0925 [5]
- 52-week range: $28.1583 – $71.0925 [6]
- Previous close / open: $69.065 [7]
Market feeds differed slightly through the session, but the theme was consistent: silver stayed elevated above $70 after printing new highs earlier in the day. Reuters reported silver up 1.5% at $70.06 by 13:14 GMT after hitting $70.18, underscoring how quickly the tape was moving as the $70 barrier gave way. [8]
By later in the day, Reuters said silver rose 2.7% to $70.90 after touching a record $71.06, with prices up 145% year-to-date—a staggering annual run for a metal known for volatility. [9]
What’s driving silver’s surge above $70?
1) Tight supply meets persistent demand
Silver’s rally isn’t being framed as a purely “financial” story. Reuters quoted Zaner Metals strategist Peter Grant pointing to a market that has been in deficit for five years, with increasing industrial demand reinforcing the move. [10]
That matters because silver has a dual identity: it’s both a precious metal and a critical industrial input (notably in electronics and solar, among other uses). [11]
2) Investment flows and momentum buying
In another Reuters report published today, analysts described silver’s 2025 advance as being supported by robust investment demand, momentum buying, and even the metal’s inclusion on the U.S. critical minerals list—factors that can amplify upside when liquidity thins into year-end. [12]
Reuters also highlighted that silver exchange-traded product inflows have surpassed 4,000 tons, according to Standard Chartered analyst Suki Cooper—a data point that helps explain why dips have been met by fresh buying rather than profit-taking. [13]
3) Safe-haven bid as geopolitics heats up
Silver has also benefited from the broader safe-haven demand lifting the precious-metals complex. Reuters linked today’s strength to heightened geopolitical tensions, including the latest flare-up involving the U.S. and Venezuela, which has kept gold—and by extension silver—well supported. [14]
4) Rate-cut expectations and a softer dollar
A weaker dollar typically acts as a tailwind for dollar-priced metals. Reuters noted the U.S. dollar fell in a holiday-shortened week, which can make metals cheaper for non-U.S. buyers and encourage additional demand. [15]
On the broader macro side, Reuters reported that the dollar has been weighed down by expectations of more Fed easing ahead, even though it trimmed some losses after stronger U.S. growth data. [16]
Macro check: strong growth data vs. the “easier 2026” narrative
One reason silver has been whippy today is that the macro signals are pulling in two directions:
- Reuters reported U.S. Q3 GDP growth at 4.3% annualized, stronger than expected, which can lift yields and challenge non-yielding assets at the margin. [17]
- At the same time, Reuters said markets were still focused on Fed easing expectations, with rate futures pointing to the next easing later in 2026 and two 25 bp cuts priced in for 2026. [18]
FXEmpire captured the push-pull dynamic directly: after silver hit a record, profit-taking followed as traders reassessed the rate path in the wake of the GDP update, while rising Treasury yields added pressure intraday. [19]
Forecasts and technical outlook for Dec. 23: bullish trend, but “overbought” warnings flash
FXStreet: Overbought RSI, but pullbacks may be “buyable”
FXStreet’s technical view today was straightforward: silver remains in a strong uptrend, but the Relative Strength Index (RSI) on daily and 4-hour charts signaled extremely overbought conditions, which can limit immediate follow-through. [20]
Key levels flagged by FXStreet:
- Upside: resistance near $71.00 [21]
- Support: around $69.00, then $68.70–$68.60, with deeper support near $68.15–$68.10 [22]
- A more meaningful breakdown below $68 could expose $67, where FXStreet notes confluence support around an ascending channel and the 100-hour SMA [23]
FXEmpire: Bullish structure, but watch for a reversal signal
FXEmpire also leaned constructive overall, but warned that the pullback risk is real—particularly if today’s price action sets up a daily reversal pattern after the new high. The site noted the market remains “structurally supported,” but also highlighted how sensitive silver is to yield moves into the holiday-shortened period. [24]
FXEmpire pointed to a potential downside area near $65.74 if a bearish reversal is confirmed—an illustration of how deep silver’s swings can run even during bull markets. [25]
Analysts’ 2026 targets: $75 in focus, but year-end volatility risk rises
With silver already above $70, the market’s “next big number” is quickly becoming $75:
- Reuters reported Grant’s view that “silver’s next target is $75”, while also warning that year-end profit-taking could trigger a pullback. [26]
- Reuters separately emphasized that silver is now technically overbought, and that low year-end liquidity may cause volatility, even if traders continue “buying dips” while real yields remain low and physical supply tight. [27]
In other words: the bullish narrative is intact, but the path could be jagged—especially with thin holiday trading conditions that can exaggerate both breakouts and reversals. [28]
The bigger picture: silver outshines gold, and the gold–silver ratio tightens
Silver’s outperformance has also reshaped a key inter-market gauge: the gold–silver ratio.
Reuters reported that the ratio has narrowed to 64 from 105 in April, reflecting how silver has surged relative to gold in 2025. [29]
That shift matters for positioning because some macro and metals desks trade the ratio rather than outright direction—meaning rapid moves can attract systematic flows in both directions (buying silver/selling gold or vice versa) as relative value changes. [30]
What to watch next
With silver already in record territory, the next catalysts are likely to be less about “why silver” and more about “why now”:
- U.S. dollar direction and real yields: Reuters noted the dollar’s pullback amid easing expectations, while also flagging that macro data (including confidence) is moving the tape. [31]
- Holiday liquidity: Reuters and FXEmpire both highlighted the challenges of thin year-end trading, which can amplify moves and make intraday swings more violent than usual. [32]
- Follow-through above $71: FXStreet framed the near-term ceiling as the $71 zone, a logical place for profit-taking and for technical traders to reassess. [33]
- ETF/ETP flow signals: Reuters’ note on 4,000+ tons of exchange-traded product inflows suggests flows remain a key “tell” for whether this rally is still being fueled by fresh allocations. [34]
Bottom line
At 1:38 on Dec. 23, 2025, the silver price held firmly above $70, with XAG/USD around $70.90 and the day’s highs stretching above $71—a level that would have sounded implausible to many traders at the start of the year. [35]
Today’s news flow shows a market being driven by a rare alignment of forces: tight supply, strong industrial usage, large investment inflows, and a macro environment where many investors still believe the next major chapter is lower rates and a weaker dollar. The near-term debate is no longer whether silver is strong—it’s whether the rally pauses to cool overbought signals, or whether momentum and thin liquidity push the metal toward the next round-number battleground near $75. [36]
Note: Prices and percentages can vary slightly by data provider and update timestamp.
References
1. www.investing.com, 2. www.reuters.com, 3. www.investing.com, 4. www.investing.com, 5. www.investing.com, 6. www.investing.com, 7. www.investing.com, 8. www.reuters.com, 9. www.reuters.com, 10. www.reuters.com, 11. www.fxstreet.com, 12. www.reuters.com, 13. www.reuters.com, 14. www.reuters.com, 15. www.reuters.com, 16. www.reuters.com, 17. www.reuters.com, 18. www.reuters.com, 19. www.fxempire.com, 20. www.fxstreet.com, 21. www.fxstreet.com, 22. www.fxstreet.com, 23. www.fxstreet.com, 24. www.fxempire.com, 25. www.fxempire.com, 26. www.reuters.com, 27. www.reuters.com, 28. www.reuters.com, 29. www.reuters.com, 30. www.reuters.com, 31. www.reuters.com, 32. www.reuters.com, 33. www.fxstreet.com, 34. www.reuters.com, 35. www.investing.com, 36. www.reuters.com
