At 9:58 a.m. ET on Thursday, December 18, 2025, the silver spot price was $65.66 per ounce, down $0.82 (‑1.23%) on a 24‑hour basis, according to APMEX’s live metals pricing update timestamped 9:57:58 a.m. ET. [1]
Even with the pullback, silver remains close to all‑time highs after a blistering run that pushed prices to a fresh record near $66.88/oz in the prior session, a move that has turned the metal into one of 2025’s standout performers in global markets. [2]
Silver price snapshot: where the market stands this morning
Silver’s headline number at 9:58 a.m. ET captures only part of the story: the market is trading in a tight but elevated range after a historic surge.
Key reference points traders are using today include:
- Spot silver:$65.66/oz (APMEX, 9:57:58 a.m. ET) [3]
- XAG/USD reference range and levels: Investing.com lists a day’s range of roughly $65.55–$66.63 and notes the pair’s 52‑week range tops out near $66.90, underscoring how close silver remains to record territory. [4]
- Recent record high: around $66.88/oz (reported in multiple market updates as the prior session high) [5]
The takeaway: silver is not collapsing—it’s consolidating near peak levels while the market digests a heavy calendar of macro news and positions for what comes next.
What’s driving silver today: profit-taking meets macro crosswinds
Today’s silver action is being pulled in two directions: short‑term profit-taking after a record run, and a medium‑term bullish narrative built on rate-cut expectations and structural supply/demand dynamics.
1) Profit-taking after the $65 breakout
Reuters reporting carried by TradingView describes the day’s early tone as profit-taking after silver surged through $65 and hit a new record, with spot silver down and traders cautious ahead of major U.S. data. [6]
This kind of “sell the surge” behavior is typical after a parabolic move, especially in silver, which is known for amplifying gold’s swings.
2) The U.S. dollar and yields: the usual pressure points
A firmer dollar can make dollar-priced metals less attractive for non‑U.S. buyers. Reuters also highlighted that a stronger dollar was acting as a headwind as markets weighed the inflation outlook and Fed policy path. [7]
At the same time, rate expectations can support silver: lower yields and easier policy typically benefit non‑yielding assets like precious metals.
3) CPI day volatility and the rate-cut debate
Silver traders came into today watching U.S. inflation closely, because CPI can rapidly reprice expectations for how soon and how far the Federal Reserve may cut.
- Reuters’ pre‑data framing emphasized that investors were cautious ahead of CPI, with markets already leaning toward additional easing next year. [8]
- In the inflation update itself, the Associated Press reported that U.S. consumer prices rose 2.7% year‑over‑year in November, with core inflation at 2.6%, though it also noted that the report followed a government shutdown that disrupted data collection and complicates comparisons. [9]
Bottom line: CPI has the power to swing yields, the dollar, and ultimately silver—sometimes within minutes.
Today’s top silver news (Dec. 18, 2025): Fed politics, data, and positioning
Silver’s rally isn’t happening in a vacuum. Several big macro headlines are intersecting with the precious‑metals trade today:
Fed leadership chatter is now part of the metals narrative
Reuters reported that former President Donald Trump said the next Fed chair would be someone who favors much lower interest rates, and that an announcement on a successor to Chair Jerome Powell was expected early next year. [10]
For metals traders, that matters because the “future Fed” story can influence the expected path of real rates—one of the most important drivers for silver and gold.
Fed officials: easing is on the table, but not urgent
Reuters also cited Fed Governor Christopher Waller—a widely discussed candidate in Fed leadership speculation—pointing to room to cut as the job market cools, while emphasizing there’s no need to rush if inflation remains elevated. [11]
Labor market cooling remains a key tailwind
Multiple market updates referenced the U.S. unemployment rate rising to 4.6%, a data point that has reinforced expectations for easier policy over time. [12]
Forecasts and analyst views published today: what the market expects next for silver
Silver’s next move is being debated in two main camps: trend-followers looking for continuation toward new highs, and risk managers warning that silver’s volatility can punish late buyers.
Here’s a roundup of notable Dec. 18, 2025 forecasts and analysis:
A) “Buy-the-dip” technical stance: key support levels in focus
An Investing.com analysis piece published at 09:58 argued that silver’s broader uptrend remains intact, describing a market that has held above $60 and remains supported by supply/demand imbalance and Fed rate-cut expectations. [13]
B) FXStreet: silver near $66.50, deficits expected to persist into 2026
FXStreet’s silver forecast described XAG/USD trading near $66.50 during European hours and tied the bullish backdrop to expectations for two Fed rate cuts in 2026, while also pointing to persistent market deficits and demand from sectors like solar, EVs, and data centers. [14]
C) FXEmpire: CPI is the immediate trigger—downside inflation surprise could fuel metals
FXEmpire’s Dec. 18 outlook framed CPI as the day’s “key macro catalyst,” noting consensus expectations for headline CPI around 3.1% and emphasizing that a downside surprise would likely reinforce rate‑cut pricing and support non‑yielding assets. [15]
D) Reuters (today): cautious positioning, some traders prefer not to carry risk into data
In Reuters’ Dec. 18 report on precious metals, UBS analyst commentary captured the day’s cautious tone—some investors prefer not to hold open positions into the inflation release, especially with the dollar firming. [16]
Interpretation: today’s analyst mix is not “bearish on silver,” but it is very aware of near‑term headline risk and silver’s tendency to overshoot.
The bigger picture: why silver surged so hard heading into year-end
To understand why pullbacks are being bought quickly, it helps to zoom out to the drivers behind silver’s 2025 breakout.
A Reuters deep dive this week described a “perfect storm” pushing silver higher, highlighting:
- Strong investment demand and momentum buying
- Silver’s addition to the U.S. critical minerals list
- Persistent supply deficits
- Industrial demand tied to AI data centers, solar cells, and electric vehicles
- Heightened sensitivity to gold’s moves because silver is a smaller, less liquid market [17]
That same Reuters report also captured forward-looking targets from market strategists:
- WisdomTree’s Nitesh Shah suggested silver could approach $75/oz by end‑2026 (in his outlook cited by Reuters). [18]
- Reuters also noted some analysts expect silver to challenge $70/oz next year if rate cuts continue and the macro backdrop stays supportive. [19]
Those longer‑horizon targets are a major reason why dips are attracting interest even after an extraordinary run.
What to watch next: catalysts that could move silver in the next 24–72 hours
With silver sitting near record highs, the next push (or pullback) is likely to come from a familiar set of triggers:
- The U.S. dollar and Treasury yields
A stronger dollar can cap upside, while falling yields often support metals. Reuters flagged the dollar/yields mix as central to today’s move. [20] - Follow-through after inflation data
Even when CPI prints “soft” or “hot,” markets sometimes fade the first move—especially when data quality is debated, as AP noted amid shutdown disruptions. [21] - Fed communication and politics
Comments from Fed officials and the ongoing narrative around future Fed leadership have become part of metals pricing psychology. [22] - Positioning and volatility (especially in silver)
Reuters’ reporting has repeatedly underscored silver’s volatility—moves can be fast and exaggerated compared with gold. [23]
Outlook: silver’s trend is still bullish, but the market is now headline-driven
As of 9:58 a.m. ET on Dec. 18, silver is lower on the session but still trading at historically elevated levels, close to the record zone that defined this week’s breakout. [24]
The immediate market mood is a tug-of-war:
- Bullish forces: easing expectations, structural supply constraints, and industrial demand narratives extending into 2026 [25]
- Bearish/limiting forces: profit-taking, dollar firmness, and the reality that silver’s volatility can punish crowded positioning [26]
References
1. www.apmex.com, 2. www.tradingview.com, 3. www.apmex.com, 4. www.investing.com, 5. www.tradingview.com, 6. www.tradingview.com, 7. www.reuters.com, 8. www.tradingview.com, 9. apnews.com, 10. www.reuters.com, 11. www.reuters.com, 12. www.reuters.com, 13. ng.investing.com, 14. www.fxstreet.com, 15. www.fxempire.com, 16. www.reuters.com, 17. www.reuters.com, 18. www.reuters.com, 19. www.reuters.com, 20. www.reuters.com, 21. apnews.com, 22. www.reuters.com, 23. www.reuters.com, 24. www.apmex.com, 25. www.reuters.com, 26. www.tradingview.com
