Spot silver is holding near all‑time highs in early U.S. hours on Wednesday, December 10, 2025, after smashing through the $60 barrier for the first time this week and briefly touching above $61.60 per ounce. The move caps a stunning year in which silver has more than doubled, driven by Federal Reserve rate‑cut expectations, tight physical supply, and booming demand from solar, electric vehicles, and advanced electronics. Reuters+1
Silver price today: around $61 in early U.S. trading
As of the early U.S. morning (around 5:30 a.m. ET), live spot silver is trading close to $61.10–$61.20 per ounce, up modestly on the day after a sharp rally on Tuesday. Data from major bullion dealers show:
- Spot silver around $61.07 per ounce at 5:11 a.m. ET, with a slight gain of about 0.4% versus the previous session. JM Bullion
- Another live feed places silver at $61.15 per ounce at 5:34 a.m. ET, indicating price consolidation just above the key $61 level. Bullion
On the futures side:
- COMEX silver futures last traded near $61.80 overnight, up about 1.6%, according to CME Group quotes. CME Group
- On Tuesday, front‑month COMEX silver settled at $60.17, a gain of 4.14% for the day, underscoring the strength of the breakout through $60. Morningstar
From a broader market perspective:
- TradingEconomics data show silver at $61.47/oz on December 10, up about 1.35% from the previous day and roughly 20% higher over the past month. Year‑on‑year, silver is up more than 90%, trading at the top of its 52‑week range. Trading Economics+1
- Reuters reports spot silver hit a record intraday high of $61.61 early Wednesday before easing slightly to the mid‑$61 area, still up around 1.1–1.2% on the session. Reuters
In short: the white metal is consolidating just above $61 after a historic breakout, with volatility likely to remain elevated into the U.S. trading day.
Why silver is surging: Fed expectations, supply tightness, and industrial demand
1. Fed rate‑cut bets and macro backdrop
The central macro driver this week is the Federal Reserve’s rate decision, due later today, with markets largely pricing in a 25 basis‑point cut. FXEmpire+1
- Reuters notes traders see a high probability of a cut at 1900 GMT, with investors watching Chair Jerome Powell’s guidance on future easing. Reuters
- Lower interest rates generally support non‑yielding assets like gold and silver by reducing the opportunity cost of holding them and often pressuring the U.S. dollar. FXEmpire+1
Commentary from metals and FX analysts highlights how the combination of softer yield expectations and a still‑fragile Treasury market is channeling demand into precious metals, with silver now taking the lead over gold on a percentage basis. Forex+1
2. Tight physical supply and “critical mineral” status
Fundamental supply‑demand dynamics are also fueling the move:
- Reuters reports that declining inventories and tight physical conditions are reinforcing the rally, with silver’s designation as a “critical mineral” by the United States adding a structural demand narrative. Reuters
- Analysts quoted in that coverage say the market is seeing a blend of short‑term speculative flows and genuine long‑term demand, with ETF inflows and strong industrial use playing key roles. Reuters+1
A separate analysis from Investing.com emphasizes that silver’s advance has accelerated in early Asian and European trade on the back of strengthened expectations for Fed easing and persistent tightness in the physical market, with spot prices briefly hitting a new record around $61.47 before stabilizing near $61.05. Investing.com India
3. Industrial and green‑energy demand
Unlike gold, silver has a larger industrial footprint, which has become a major pillar of the bull case:
- Silver’s use in solar panels, EVs, high‑efficiency electronics, AI hardware, and data‑center infrastructure has grown rapidly, making demand more cyclical and linked to the energy transition. Reuters+1
- Analysts point out that even modest surprises in green‑energy deployment or semiconductor demand can materially tighten the silver market, given constrained mine supply and relatively inelastic short‑term production. BullionVault+1
This combination—a macro tailwind from rates and a structural tailwind from industrial demand—is what many strategists cite to explain why silver has outperformed gold so dramatically in 2025.
Silver vs gold and other precious metals today
In early Wednesday trade:
- Spot gold is essentially flat to slightly lower, trading around $4,200 per ounce, as investors wait for the Fed decision. Reuters
- Silver, by contrast, is up more than 1% on the day and over 100% year‑to‑date, according to Reuters and Economic Times reporting, while gold is up roughly 60% in 2025. Reuters+1
As a result, the gold‑to‑silver ratio has compressed sharply:
- Reuters notes the ratio has narrowed from about 82 in October to roughly 69 now, signaling that silver is steadily catching up to—and in some ways overtaking—gold’s safe‑haven role in investor portfolios. Reuters
Platinum and palladium are not sharing in the euphoria:
- Platinum is down about 1–1.5%, and palladium is also lower, underscoring that the current move is very much a silver‑specific story rather than a broad‑based surge across all precious metals. Reuters
Technical picture: bulls in control, but momentum is stretched
Technical analysts are almost unanimously bullish in the near term, albeit with growing warnings about overbought conditions.
- FXEmpire’s latest report notes that spot silver has broken decisively above the $59 level and into fresh record territory, completing a large “cup‑and‑handle” breakout that formed over the $50 region—often seen as a powerful continuation pattern. FXEmpire
- A DailyForex video update published hours ahead of today’s move describes momentum as firmly bullish, arguing that buying dips remains the preferred strategy while shorting silver is “extremely risky” given the strength of the uptrend. DailyForex
However, not everyone is complacent:
- A technical note from VT Markets points out that after reaching a new all‑time high, silver is showing RSI divergence, a classic sign that upside momentum may be decelerating even as prices push higher. VT Markets
Taken together, the chart picture for XAG/USD looks like this:
- Strong, sustained uptrend with higher highs and higher lows above major moving averages. Twelve Data+1
- Breakout zone around $60 now acting as key support, with buyers repeatedly stepping in on minor intraday pullbacks. DailyForex+1
- Momentum still positive, but stretched enough that traders are watching for potential consolidation or a sharp, sentiment‑driven correction. VT Markets+1
Today’s analyst forecasts and price targets (December 10, 2025)
Several fresh notes and media analyses published today help define the short‑ to medium‑term outlook for silver:
- An Economic Times piece on U.S. silver prices says momentum is “strong” and highlights tight supply and speculative flows betting on a Fed rate cut, with some traders talking about a potential push toward $65 per ounce if the Fed delivers and the dollar stays benign. The Economic Times
- A LinkedIn market update on dollar strength pegs COMEX silver support near $57.20, with upside levels in the $59.50–$60 zone and an extended target range of $62–$65, consistent with the current breakout. LinkedIn
- DailyForex’s technical commentary frames the market as a “buy‑the‑dip” environment, with pullbacks into the breakout area seen as opportunities rather than trend reversals. DailyForex
- A Forbes analysis published overnight emphasizes that silver futures jumped more than 4% to nearly $61, and argues that the metal’s industrial and monetary roles could allow it to continue outpacing gold if growth in green technologies remains robust. Forbes
Looking beyond 2025:
- A recent 2026 outlook from DiscoveryAlert cites expert targets in the $64–$69 range per ounce, assuming ongoing investment demand and constrained mine supply. Discovery Alert
- A broader precious‑metals forecast from BullionVault suggests that while prices for gold and silver may remain elevated, volatility will likely stay high, with periodic shake‑outs as markets adjust to the Fed’s full easing path and any shifts in industrial demand. BullionVault
These forecasts are not guarantees, but they illustrate a clear consensus:
In early December 2025, the analyst community generally sees more upside risk than downside for silver, albeit with an increasing risk of sharp corrections along the way.
Key price levels to watch in today’s U.S. session
Based on current spot prices, futures quotes, and technical analysis published today, traders are focusing on the following XAG/USD levels:
Immediate resistance
- $61.60–$61.80: Zone around the new record intraday high reported by Reuters ($61.61) and recent COMEX prints near $61.80. A clean break and close above this area could open the door toward the mid‑$62s. Reuters+1
- $65.00: Round‑number level cited in several analyses as a potential upside target if the Fed confirms a dovish pivot and the dollar weakens. The Economic Times+1
Near‑term support
- $60.00: The psychological breakout level and former resistance; many analysts now see this as first key support on any intraday pullback. DailyForex+1
- $59.00–$59.50: Minor support band aligned with recent consolidation before the breakout; often cited as an area where dip‑buyers may re‑enter. FXEmpire+1
- $57.20: Deeper technical support highlighted in today’s macro‑FX commentary; a break below this region would suggest a more meaningful correction rather than simple profit‑taking. LinkedIn+1
For traders, these zones will likely define today’s risk‑reward setups around the Fed announcement and Powell’s press conference.
Global context: Indian and ETF markets underscore the frenzy
The surge is clearly global, not just a U.S. phenomenon:
- On India’s MCX, silver futures hit a fresh record around ₹1.90 lakh per kilogram early Wednesday, with multiple outlets describing a strong start to the day for bullion and heightened interest from retail traders. The Economic Times+1
- Earlier this month, Indian reports highlighted silver futures pushing past ₹1.85 lakh/kg, tracking the global breakout above $60/oz and drawing in momentum players. The Times of India+1
- Economic Times coverage of the U.S. move notes that the major silver ETF SLV has soared over 100% this year, signalling robust participation from fund and retail investors alike. The Economic Times
This broad‑based move across futures, spot bullion, and ETFs reinforces the idea that the current rally is not purely speculative but supported by diverse demand channels.
What it means for investors and traders today
For short‑term traders:
- Expect high intraday volatility around the Fed decision and Powell’s remarks.
- Liquidity can thin out during the announcement window, increasing slippage and gap risk in both spot XAG/USD and COMEX futures.
- Many professional analysts currently regard fading the rally (shorting) as high‑risk while the metal holds above $60, preferring strategies that buy pullbacks into support zones. DailyForex+1
For long‑term investors:
- The fundamental story—monetary debasement concerns plus surging industrial demand and constrained supply—remains supportive for silver over a multi‑year horizon. Reuters+1
- At the same time, after a year‑to‑date gain of over 100%, the risk of sharp corrections is elevated. Position sizing, diversification, and a clear time horizon are critical. Reuters+1
For everyone, the usual caution applies: this article is for information only and is not investment advice. Silver’s spectacular run makes it one of 2025’s standout assets—but also one of its most volatile.
Bottom line:
In early U.S. trading on December 10, 2025, silver is consolidating just above $61 per ounce after registering fresh all‑time highs, outpacing gold and most other precious metals as traders bet on a Fed rate cut, industrial demand, and ongoing supply tightness. Today’s U.S. session is likely to be dominated by the Fed, with key levels at $60 support and $61.60–$62+ resistance set to define the next chapter of this remarkable rally.
