Silver Price Today at 9:34 (Dec 19, 2025): XAG/USD Near $66 as Softer US Inflation Keeps Fed Cut Bets Alive

Silver prices are holding close to record territory on Friday, December 19, 2025, as traders balance a cooler U.S. inflation print (supportive for rate-cut expectations) against a firmer dollar and year-end positioning.

At around 09:34 GMT (FXStreet’s latest update just ahead of that at 09:32 GMT), spot silver (XAG/USD) traded at $65.76 per troy ounce, up about 0.5% from Thursday’s close. ^[1]

Silver price today: the latest levels investors are watching

Silver’s price action on Dec. 19 has been tight but elevated, with multiple market feeds showing it hovering in the mid-$65s to around $66:

09:32 GMT:$65.76/oz (FXStreet data). ^[2]
Mid-morning London (10:46 a.m. London time): silver up ~0.9% to $66.08/oz, trading near Wednesday’s record zone (Bloomberg via Moneyweb). ^[3]
11:11 GMT: silver up 0.8% to $65.93/oz, and on track for a ~6% weekly gain after hitting an all-time peak of $66.88 earlier this week (Reuters). ^[4]
09:25 EST:$65.77 bid / $65.89 ask, with an intraday low of $64.49 and high of $66.26 (Kitco). ^[5]

Despite minor fluctuations across venues and timestamps, the bigger message is consistent: silver remains close to historic highs, with dips quickly attracting buyers.

What’s driving silver on Dec. 19, 2025?

1) Softer U.S. inflation is reinforcing the “lower rates” narrative

A cooler-than-expected U.S. inflation reading has helped keep precious metals supported. Reuters reported U.S. consumer prices rose 2.7% year-on-year in November, below economists’ 3.1% forecast, which nudged market expectations toward easier policy. ^[6]

This matters for silver because it is a non-yielding asset: when markets expect lower interest rates, the opportunity cost of holding metals tends to fall.

FXStreet’s silver commentary also framed the pullbacks as potentially limited because rate-cut expectations can support the metal after profit-taking. ^[7]

2) A stronger dollar is capping upside (at least intraday)

Even with rate-cut chatter, the U.S. dollar’s firmness has been a headwind. Reuters noted the dollar was near over one-week highs, making dollar-priced metals more expensive for buyers using other currencies—often a near-term drag on gold and silver. ^[8]

This tug-of-war—dovish macro vs. firm USD—is a big reason silver is consolidating rather than surging straight through its record.

3) Profit-taking after a record week is real—and visible

Silver is coming off a powerful run, including a push to $66.88 earlier this week. ^[9]
That kind of move naturally triggers “lock in gains” flows, especially into year-end.

FXEmpire described Friday’s weakness in early European trade as position-adjustment/profit-taking rather than a decisive break in the bullish macro backdrop. ^[10]

4) Geopolitics are back in the safe-haven mix

Alongside macro, geopolitical risk is supporting haven demand. Moneyweb (citing Bloomberg) flagged Venezuela-related tensions as a factor lifting haven appeal in precious metals. ^[11]
FXStreet also pointed to escalating U.S.–Venezuela tensions as a potential tailwind for safe-haven assets like silver. ^[12]

Silver performance in 2025: why this rally is getting so much attention

Silver isn’t just “up today”—it has been one of the standout trades of 2025.

FXStreet reported silver prices up 127.6% year-to-date. ^[13]
Reuters put silver’s year-to-date gain at 128%, also highlighting outperformance versus gold. ^[14]

FXStreet also noted the gold/silver ratio around 65.78 in Friday’s data snapshot—a level many traders monitor as a quick gauge of relative valuation between the two metals. ^[15]

Silver price forecast and analysis: key levels after 9:34

Forecast coverage on Dec. 19 is converging on one theme: silver is still bullish, but stretched—so levels matter.

FXStreet technical view: bullish bias, but watch overbought signals

In a Dec. 19 technical outlook, FXStreet’s analysis highlighted:

Dynamic support near the 100-hour SMA around $64.75, viewed as a key “buy-the-dip” area if tested. ^[16]
Near-term support zones cited around $65.40–$65.35, then the $65.00 psychological level. ^[17]
Resistance near $66.50–$66.55, followed by the record-high zone near $67.00. ^[18]
A caution flag: the daily RSI was described as overstretched, suggesting consolidation or a modest pullback could occur before the next leg higher. ^[19]

FXEmpire forecast: support at $65, breakout targets toward $68.70

FXEmpire’s Dec. 19 outlook framed silver as consolidating near $65.85 with:

Key support:$65.00 (and additional support near the mid-$64s). ^[20]
Immediate resistance: around $66.90
Upside target on a clean break:$68.70 ^[21]

FXEmpire also cited futures pricing implying roughly a 26.6% probability of a rate cut at the next Fed meeting (via CME FedWatch), underscoring that traders are still debating timing—even if the broader disinflation trend is supportive. ^[22]

FXStreet “profit-taking” scenario: downside may be limited if cuts stay in play

Another FXStreet update earlier in the session described silver slipping to around $64.95 on profit-taking, while arguing the downside could be limited if cooling inflation keeps expectations tilted toward lower rates. ^[23]

What could move silver next?

With silver near record highs, the next catalyst often decides whether the market breaks out or consolidates:

U.S. rate expectations: If incoming data keeps pointing to cooling inflation and softer growth, it can reinforce the bid under precious metals. ^[24]
Dollar direction: Any renewed USD strength can slow silver’s advance, even in a broadly bullish metals environment. ^[25]
Headline risk/geopolitics: Escalation can boost haven demand; de-escalation can cool it. ^[26]
Positioning into year-end: Thin liquidity and profit-taking can amplify swings in both directions, especially after a year like 2025. ^[27]

Bottom line for silver at 9:34 today

Silver remains firmly in focus on Dec. 19, 2025. Around 09:34 GMT, the market was trading near $65.76/oz, staying close to record territory after this week’s $66.88 peak. ^[28]

The near-term roadmap is clear: rate-cut expectations and geopolitics are supportive, but a stronger dollar and profit-taking are keeping silver in a tight, headline-sensitive range—right below the levels that could trigger the next breakout. ^[29]