Silver’s extraordinary 2025 rally is pausing for breath. After punching through a series of all‑time highs above $58 and even briefly over $59 an ounce this week, the white metal is trading slightly lower today but still near historic territory.
Silver price today: key levels at a glance
As of early U.S. trading on Thursday, December 4, 2025, major bullion platforms show silver holding just below its recent peaks:
- Global spot price (USD):
- Futures market:
- COMEX silver futures tracked by Investing.com are trading close to $58.0 per ounce, with today’s intraday range running roughly $57.10 to $59.22, and a 12‑month gain of around 85%. [3]
Taken together, the data show silver consolidating in a $57–58 per ounce band, modestly below this week’s intraday highs but far above levels seen even a few months ago.
A historic week: silver hits new all‑time highs
This week has rewritten silver’s record book:
- The Investing News Network reports that silver set a new nominal all‑time high of about US$58.97 per ounce on December 3, 2025, finally eclipsing the previous 1980 peak of US$49.95. [4]
- A separate Reuters commodities update notes that during Wednesday’s session silver spiked to roughly $58.98, leaving prices up about 102% so far in 2025 before easing slightly later in the day. [5]
- Earlier in the week, an industry recap from GoldSilver highlighted silver touching around $57.86 per ounce on Monday, calling out a nearly 90% year‑on‑year rally alongside plunging inventories in London vaults. [6]
- Priority Gold’s market commentary says silver “punched through $59 an ounce this week” and is now up more than 101% since January, making it one of 2025’s best‑performing major assets. [7]
Five‑year charts from BullionByPost show a 5‑year high near $58.37 and a low around $17.77, underscoring how extreme the current breakout is compared with the past decade. [8]
In short: today’s slight pullback comes after an exceptionally sharp surge, with silver roughly doubling this year and smashing through every prior nominal record.
Global silver rates today: India, Nepal, Indonesia
India: silver near ₹191 per gram
In India, one of the world’s biggest silver consumers, multiple outlets show retail prices closely tracking the global rally:
- Indian Express reports the national benchmark price at ₹191 per gram and ₹191,000 per kilogram, unchanged from yesterday, with most major cities (Mumbai, Delhi, Kolkata, Bengaluru) clustered around ₹1,910 for 10 gramsand ₹1,91,000 per kilogram. [9]
- The Hans India publishes similar figures, noting ₹191 per gram / ₹1,91,000 per kilogram nationwide, with Chennai and Hyderabad slightly higher near ₹2,000 per 10 grams. [10]
- A separate report from Mathrubhumi highlights that the Indian silver rate has risen to roughly ₹191.10 per gram and ₹1,91,100 per kilogram, with the move linked to the rupee falling to a record low above ₹90 per U.S. dollar. [11]
Together, these data points confirm that Indian silver prices are holding in the ₹191–192 per gram region, with city‑level variation driven by local demand and dealer premiums.
Nepal: modest price dip
In Nepal, the Federation of Gold and Silver Dealers’ Association reports that silver has eased by about Rs 30 per tola today, to roughly Rs 3,625 per tola in local trade, mirroring the slight global pullback from Wednesday’s peak. [12]
Indonesia: jewellery silver prices
In Indonesia, Pintu News notes silver jewellery prices at about IDR 30,143 per gram (selling price) and IDR 29,546 per gram (buyback price) in Jakarta, stable despite heightened volatility in global precious‑metal markets. [13]
For retail buyers, this means local silver jewellery and bullion remain expensive by recent historical standards, even if today’s spot price is a little lower than yesterday’s record highs.
Why is silver price today slightly lower? Profit‑taking and Fed nerves
After eight straight days of gains, traders appear to be locking in profits ahead of key U.S. economic data and next week’s Federal Reserve meeting.
- FX Leaders’ intraday analysis describes XAG/USD slipping to around $57.37 after failing to hold above the $58.90 resistance zone, with traders cautious before U.S. jobless‑claims figures and the delayed PCE inflation report. [14]
- The same report notes that markets now see roughly an 89% probability of a 25‑basis‑point Fed rate cut next week, citing weaker labor data including a surprise 32,000 drop in U.S. private payrolls in November. [15]
Wednesday’s Reuters piece makes a similar point: soft ADP payroll numbers reinforced expectations of a December rate cut, helping gold stay firm while silver hit its record before “pulling back a little bit.” [16]
The takeaway:
- Short‑term traders are de‑risking after a vertical rally.
- Macro bulls are still in control, betting that lower real interest rates and a weaker dollar will continue to support silver into 2026.
That mix of profit‑taking plus lingering optimism explains why silver is down about 1–2% today but still within touching distance of the highs.
2025’s silver story: structural deficit meets green‑tech demand
A market running persistent deficits
A key reason silver has been able to sustain such extreme gains is that the physical market has been tight for years:
- The Investing News Network, summarizing the Silver Institute’s latest World Silver Survey, notes that global silver mine production is expected to rise to about 823 million ounces in 2025, but the market is still on track for a deficit of roughly 117.6 million ounces—its sixth straight year of shortage. [17]
- The same research highlights that mine output is concentrated in Mexico, China and Peru, often as a by‑product of other metals, which limits how quickly supply can respond to price spikes. [18]
- GoldSilver’s recent commentary points out that inventories in London vaults have fallen by nearly a third since 2022, forcing some traders to use air freight instead of traditional shipping to secure metal. [19]
Priority Gold adds further color: silver lease rates have jumped to their highest levels since 2002, a classic sign that available metal for industrial users is scarce, and the market has been in a structural deficit for roughly five consecutive years. [20]
Solar, EVs, AI and electronics
Silver’s rally isn’t just about safe‑haven buying; it’s also about industrial demand that’s hard to cut:
- Priority Gold and other sources emphasize that solar manufacturing has become the single biggest engine of demand, with photovoltaic (PV) cells still relying on silver as a critical conductor. [21]
- DeVere’s 2025 silver outlook notes that global mine supply has shrunk by around 0.9% annually since 2020, while “consumption accelerates across multiple sectors,” including AI hardware, semiconductors and advanced electronics. [22]
- Investing News similarly highlights silver’s wide range of industrial uses—from batteries and catalysts to medical devices and automotive components—on top of its role as an investment metal. [23]
In practical terms, manufacturers cannot easily substitute away from silver without redesigning entire product lines, so even high prices have not meaningfully dented demand.
ETF and investment inflows
On top of industrial demand, financial investors have piled into silver:
- Priority Gold cites estimates that silver‑backed ETFs added about 15.7 million ounces in November alone, taking global ETF holdings to roughly 1.13 billion ounces, the highest level on record. [24]
- UBS, in a separate commodities outlook, estimates that total silver demand could reach around 1.34 billion ounces in 2026, leaving a deficit of nearly 293 million ounces even after modest supply growth. [25]
With physical inventories thinning, ETF hoarding rising and mine supply struggling to catch up, the structural backdrop remains strongly supportive—even if day‑to‑day prices swing violently.
Macro backdrop: Fed cuts, weaker dollar, and “real asset” rotation
Several macro forces are amplifying the move in silver price today:
- Interest rates: Kitco and other market watchers report that the sharp rise in Fed rate‑cut expectations has buoyed both gold and silver, as lower yields make non‑interest‑bearing assets more attractive. [26]
- U.S. dollar: Analysts at GoldSilver describe silver’s surge as part of a broader rotation into “real, tangible assets” as the dollar weakens and investors hedge against currency debasement and high government debt. [27]
- Risk and geopolitics: DeVere’s long‑form silver forecast links recent upside surprises to U.S.–China trade tensions, tariff threats and a process of “de‑dollarization” that is pushing some central banks and investors toward precious metals instead of the greenback. [28]
Across multiple banks and research houses, the same narrative appears: lower real rates + weaker dollar + structural supply deficit = powerful tailwind for silver, even if short‑term pullbacks (like today’s) are increasingly common after such a steep run‑up.
Technical view: key support and resistance for XAG/USD
Short‑term traders watching silver price today are focusing on a handful of technical levels:
- FX Leaders’ analysis places immediate resistance near $58.90, where repeated intraday rallies have been rejected this week. [29]
- On the downside, they highlight a support band around $56.50–56.60, followed by deeper support zones just below $55 and then near $52–53, based on Fibonacci retracements of the recent rally. [30]
- Momentum indicators like the RSI have cooled from overbought territory but are not yet deeply oversold, suggesting room for further volatility in either direction.
Futures data reinforce this picture: today’s $57.10–59.22 trading range indicates that silver remains highly volatile, with swings of a few percent in a single session still normal after the recent breakout. [31]
Silver price forecasts for 2026: consensus vs. “triple‑digit” bulls
Mainstream bank forecasts
Despite silver already overshooting many 2025 targets, most major institutions still see room for upside into 2026, but within a moderate band rather than runaway gains:
- UBS: Recently raised its silver outlook by $5–8 per ounce, now projecting around $60 per ounce in 2026, with an upside spike toward $65 seen as possible but not sustainable. The bank says it “favors being long silver” but also warns the metal may peak sometime next year as deficits gradually narrow. [32]
- Bank of America: According to DeVere’s summary, BofA now expects silver to reach about $65 in 2026, with an average price around $56.25, while flagging the risk of sizeable pullbacks along the way. [33]
- Deutsche Bank: An Investors.com commodities note reports DB now targets roughly $58.50 per ounce for Q4 2026 and an average near $60 in 2027, reflecting expectations of ongoing deficits but somewhat slower gains after this year’s explosive move. [34]
Other research—including “metals supercycle” pieces from bullion dealers—outlines base‑case scenarios with silver around $60 in 2026, and more optimistic cases that see a climb into the $70–80 range if deficits and monetary easing persist. [35]
Ultra‑bullish calls toward $100
A smaller but vocal group of analysts is much more aggressive:
- DeVere quotes Philippe Gijsels of BNP Paribas suggesting it is “certainly possible” for silver to reach $100 per ounce by the end of 2026, while other commentators like Peter Grandich argue that triple‑digit silver is plausible if economic data deteriorate and safe‑haven flows intensify. [36]
However, DeVere stresses that $100 forecasts remain outliers, with the broad analyst consensus clustered in the $50–65 range through 2026, even after multiple upward revisions this year. [37]
In other words: most professional forecasts now expect silver to stay well above pre‑rally levels but not necessarily to explode into permanent triple‑digit territory.
Today’s silver price in context: inflation‑adjusted highs still far away
One important nuance: while silver’s nominal price is at record levels, inflation‑adjusted highs are much higher.
Analysts at APMEX point out that the 1980 nominal record of about $49.45 per ounce would equate to roughly $190–195 per ounce in 2025 dollars, while the 2011 peak near $48.70 would translate to around $70 per ounce after adjusting for inflation. [38]
So, even with silver trading around $57–58 today, the metal is well below its historic real‑terms peaks, which is part of why long‑term bulls believe the rally could continue if current macro and industrial trends persist.
What to watch next
For anyone following silver price today and over the coming weeks, several catalysts stand out:
- Federal Reserve decision (December 9–10):
Markets are heavily pricing in a rate cut next week. A surprise delay or smaller‑than‑expected dovish shift could trigger a sharper correction in silver; a more aggressive easing path could do the opposite. [39] - U.S. labor and inflation data:
- Physical market signals:
Watch for updates from the Silver Institute, London vault statistics and ETF holdings, which will indicate whether the supply squeeze is easing or intensifying. [42] - Industrial indicators:
Data on solar installations, EV production and semiconductor demand will continue to shape expectations for long‑term silver use in green and high‑tech applications. [43]
Bottom line
- Today’s silver price sits near $57–58 per ounce, a touch below this week’s record highs but still at historically elevated levels. [44]
- The pullback looks like classic consolidation after a parabolic run, driven by profit‑taking and pre‑Fed caution, not an obvious shift in fundamentals. [45]
- Structural deficits, robust industrial demand and strong investment flows remain firmly in place and are central to most bullish medium‑term forecasts. [46]
- Analyst projections for 2026 mostly cluster in a $50–65 range, with a handful of ultra‑bullish voices calling for triple‑digit silver under more extreme scenarios. [47]
For investors and buyers, the message is clear: silver remains one of the most volatile major assets in global markets today. Any decision to buy, sell or hold should take into account personal risk tolerance, time horizon and the possibility of deeper corrections—even in the middle of a powerful long‑term uptrend.
This article is for information only and does not constitute financial advice. Always do your own research or consult a regulated adviser before making investment decisions.
References
1. www.jmbullion.com, 2. www.kitco.com, 3. www.investing.com, 4. investingnews.com, 5. www.reuters.com, 6. goldsilver.com, 7. prioritygold.com, 8. www.bullionbypost.com, 9. indianexpress.com, 10. www.thehansindia.com, 11. english.mathrubhumi.com, 12. english.nepalnews.com, 13. pintu.co.id, 14. www.fxleaders.com, 15. www.fxleaders.com, 16. www.reuters.com, 17. investingnews.com, 18. investingnews.com, 19. goldsilver.com, 20. prioritygold.com, 21. prioritygold.com, 22. www.devere-group.com, 23. investingnews.com, 24. prioritygold.com, 25. www.investing.com, 26. www.kitco.com, 27. goldsilver.com, 28. www.devere-group.com, 29. www.fxleaders.com, 30. www.fxleaders.com, 31. www.investing.com, 32. www.investing.com, 33. www.devere-group.com, 34. www.investors.com, 35. gerrardsbullion.com, 36. www.devere-group.com, 37. www.devere-group.com, 38. www.apmex.com, 39. www.reuters.com, 40. www.reuters.com, 41. www.fxleaders.com, 42. investingnews.com, 43. www.devere-group.com, 44. www.jmbullion.com, 45. www.fxleaders.com, 46. investingnews.com, 47. www.investing.com
