Silver Price Today (December 7, 2025): Record Highs Near $59, Fed Cut Bets and the 2026

Silver is closing out 2025 in explosive fashion. As of Sunday, 7 December 2025, spot silver (XAG/USD) is trading just below recent record highs, hovering in the $58–59 per ounce zone after a week of powerful gains driven by expectations of U.S. Federal Reserve rate cuts, a weaker dollar, and deepening supply shortages. ^[1]

Over the past year, silver has climbed roughly 90–100%, with market data showing a one‑year gain of about 88% on major FX platforms and news outlets noting that 2025 is silver’s strongest year since 1979. ^[2]

Below, we break down today’s silver price, the drivers behind the breakout, and the latest forecasts from banks and analysts for 2025–2030.

Silver price today, December 7, 2025

Spot silver (XAG/USD)
On major trading platforms, the spot XAG/USD rate is quoted around $58–59 per ounce, with recent trading ranges showing intraday moves between roughly $56.9 and $59.3. ^[3]
Silver futures (COMEX)
Front‑month silver futures are trading near $59.05 per ounce, up around 2.7% on the session, after a previous close near $57.49. Today’s range has stretched from about $57.32 to $59.90, underscoring how volatile the market has become at these elevated levels. ^[4]
Recent high and all‑time records
- Reuters and other major news wires reported that silver hit a record high around $59.3/oz on Friday as Fed cut expectations pressured the dollar and lifted precious metals. ^[5]
- An FXEmpire analysis notes a record intraday peak near $59.34 before prices settled just above $58.3. ^[6]
- Macro data provider Trading Economics now records an all‑time high near $61.44 for silver in December 2025, reflecting extreme spikes across venues this month. ^[7]

Taken together, the data show silver consolidating just below new records after a parabolic rally that has doubled prices in a single year. ^[8]

A record-breaking week for silver

The last several days have been pivotal for the silver market:

New all‑time highs
News outlets from Reuters to specialist commodity desks report that silver surged to fresh records above $59/oz this week, with COMEX prices briefly touching the high‑$59s and some data series recording prints above $61/oz. ^[9]
Best year since 1979
The Economic Times highlights that silver is up about 102% in 2025, making this its best calendar year performance since 1979. The metal briefly touched around $58.8/oz early in the week before easing slightly to the mid‑$57s in subsequent sessions. ^[10]
Intraday fireworks
FXEmpire’s Dec. 7 report describes how spot XAG/USD spiked to roughly $59.34 intraday on Friday and still closed more than 2% higher on the day around $58.36, reflecting aggressive dip‑buying into the weekend. ^[11]
Multiple confirmations of a structural bull market
Invezz notes that COMEX silver futures have doubled this year, reaching about $59.6/oz, and that the market is on track for its fifth consecutive structural deficit. ^[12]
Saxo Bank similarly describes silver’s move as a decisive breakout from earlier resistance near $54.50, with 2025 gains around 94% driven by the collision of supply tightness and strong industrial demand. ^[13]

In short, silver hasn’t just broken out—it has repriced.

Why is the silver price so high? Key 2025 drivers

1. Fed rate cuts and a weaker dollar

The single biggest near‑term catalyst has been expectations of a U.S. Federal Reserve rate cut next week:

A fresh FXEmpire forecast published early on December 7 notes that silver’s latest leg higher comes as traders anticipate another 25‑basis‑point cut, following softer inflation data and weakening labor indicators. ^[14]
Core PCE inflation, the Fed’s preferred gauge, is running at about 2.8% year‑on‑year, with the latest monthly gain of 0.2%, reinforcing the case for incremental easing. ^[15]
The U.S. dollar index (DXY) is hovering near a one‑month low around the high‑90s, down nearly 7% year‑on‑year, which mechanically boosts dollar‑denominated silver prices. ^[16]

Reuters coverage adds that gold has also climbed on these expectations, but silver is stealing the show, with the white metal’s percentage gains outpacing gold as investors reach further out the risk curve. ^[17]

2. Soft labor data and growth worries

The surge in silver is also tied to concern over U.S. growth:

ADP data show a drop of around 32,000 private payrolls in November, the sharpest decline in more than two years, while corporate layoff announcements in 2025 have surpassed 1.17 million, significantly above last year’s levels. ^[18]

These figures bolster the view that the Fed will need to be more aggressive with easing, which historically supports precious metals and undermines the dollar—both bullish for silver.

3. Industrial demand from the energy transition

Unlike gold, more than half of silver demand is industrial, and 2024–2025 data show that the green‑energy buildout is a genuine structural driver:

The Economic Times reports that industrial demand rose to about 689.1 million ounces in 2024, up from 644 million the year before. A record 243.7 million ounces went into solar panels alone, up sharply from 191.8 million in 2023 and more than double 2020 levels. ^[19]
The same article notes that global solar capacity additions were around 600 GW in 2024 and could approach 1,000 GW by 2030, implying sustained demand for silver in photovoltaic applications. ^[20]
AInvest’s latest note on precious metals highlights that industrial silver demand reached about 680.5 million ounces in 2024, driven by solar, electric vehicles and AI‑related electronics. ^[21]

This makes silver a dual‑use asset: a macro hedge and a critical input for clean energy and digital technologies.

4. Deepening supply deficits

Several sources now agree that silver is in a prolonged supply squeeze:

AInvest estimates a cumulative supply deficit of roughly 820 million ounces since 2021, with deficits expected to persist as mine production struggles to keep pace with industrial and investment demand. ^[22]
Invezz similarly states that 2025 is on track to be the fifth consecutive year of structural deficit in the silver market. ^[23]
Analysts interviewed by Investing News Network (INN) speak of an “ongoing structural deficit,” pointing to shortages at the UK Royal Mint and heavy demand in India as further evidence of tightness. ^[24]

When chronic deficits meet rising ETF inflows and macro tailwinds, the result is exactly what we’re seeing now: a steep, momentum‑driven repricing.

5. Strong ETF and investment flows

Economic Times and other outlets point to surging inflows into silver‑backed ETFs over the past weeks, with some noting the strongest weekly additions since mid‑year. ^[25]
A wave of new speculative and tactical buyers has joined traditional precious‑metal investors, amplifying every pullback into a “buy‑the‑dip” opportunity rather than the start of a deeper correction. ^[26]

Regional picture: India and retail behavior

The global rally is filtering differently through local markets:

India: record futures and rupee effect
- The Times of India reports that Indian silver futures recently crossed ₹1.85 lakh (185,000 rupees) per kilogram, a new high, as a weakening rupee moved past 90 per U.S. dollar and global prices spiked. ^[27]
- Earlier in the year, futures had already smashed the ₹1.24 lakh mark, underlining how currency depreciation can magnify global price moves for local investors. ^[28]
Households cashing in old silver
Moneycontrol notes that the rally is encouraging Indian families to sell old silverware and jewelry, recycling metal into the market to lock in profits and meet financial needs. ^[29]
Other local markets
In countries like Nepal, local reports show gold and silver prices dipping slightly in recent sessions, illustrating how taxes, import costs and FX moves can cause temporary divergences from global benchmarks. ^[30]

Short‑term silver price outlook: into the Fed meeting

Technical levels in focus

Analysts are broadly bullish into next week’s Fed decision, but they are paying close attention to a few key levels:

FXEmpire’s Dec. 5 analysis highlights $58.98 as a pivotal resistance zone; a sustained break above it would confirm the latest breakout and open the way toward the $60+ area. ^[31]
Another FXEmpire piece on December 5 argues that a clean move through $58.60–58.80 could unlock a test of $60 in the near term. ^[32]
The Dec. 7 forecast notes support around $56.46 and places the 50‑day moving average near $50.74, suggesting that dips toward the mid‑50s are likely to attract buyers unless the Fed delivers a hawkish surprise. ^[33]

Bulls vs. bears in the near term

Bullish case (dominant right now)
- Record intraday highs, strong closes and persistent ETF demand all point to a market where participants prefer buying pullbacks rather than selling strength. ^[34]
- As long as the Fed sticks to the expected gradual easing path and the dollar remains soft, silver retains a constructive short‑term bias.
Short‑term downside risks
- A Reuters/Investing.com factbox shows that Citigroup recently cut its 0–3‑month silver target to $42/oz from $55/oz, arguing that shifts in global market conditions and moderating inflation could spark a correction. ^[35]
- FXEmpire notes that many desks are eyeing a possible pullback toward the $53–54 area as a healthier level to reload long positions after such a steep run. ^[36]

Overall, the short‑term consensus looks like this: the trend is up, but volatility is extreme, and any hawkish shock from the Fed could trigger a sharp, if likely temporary, shake‑out.

Medium‑ and long‑term forecasts for silver (2025–2030)

Bank and institutional forecasts

XS.com’s November 2025 survey of major institutions provides a useful snapshot of consensus pricing: ^[37]

2025 forecasts
- HSBC: around $38.05/oz
- Citigroup (3‑month): around $40/oz
- CME Silver Futures–implied: roughly $50.31/oz
2026 forecasts
- HSBC: about $44.50/oz
- Deutsche Bank: about $45/oz
- WisdomTree: around $56/oz
- Bank of America: $65/oz high scenario
- CME futures pricing: near $52.5/oz
2027–2030 CME‑implied path
CME futures curves suggest average prices rising into the mid‑$50s by 2027–2030, with estimates around $54–56/oz in later years. ^[38]

XS synthesizes these numbers into a five‑year trajectory where silver climbs from roughly $40 in 2025 to above $57 by 2030, implying more than 40% upside over five years from that earlier base—though spot prices have already overshot many of these forecasts. ^[39]

High‑conviction bullish views

Not all forecasters are cautious:

Larry Lepard (Equity Management Associates)
Speaking to INN, Lepard argues that, given the entrenched structural deficit, silver could “easily” reach $100/oz over time. He sees $75 by mid‑2026 and $80–90 by year‑end 2026 as realistic targets if current conditions persist. ^[40]
Bank of America
The same INN piece cites Bank of America analysts expecting more record‑breaking prices in 2026, with a projected high near $65 and an average around $56.25/oz for next year. ^[41]
Triple‑digit silver debate
A deVere Group article from October notes that several strategists—including voices at BNP Paribas and other veteran investors—now view $100 silver by the end of 2026 as a feasible, if bullish, scenario under continued monetary easing and supply stress. ^[42]
Aggressive tactical calls
AInvest’s latest note outlines a scenario where silver could trade in a $65–95/oz range in 2025, arguing that an 820‑million‑ounce deficit since 2021 and compressing gold–silver ratios leave room for roughly 50% further upside from previously quoted levels. ^[43]

These more optimistic outlooks hinge on sustained supply deficits, strong industrial demand and a prolonged period of easy monetary policy.

Is silver still undervalued vs. gold?

Many analysts argue that even near $60/oz, silver may still be undervalued relative to gold:

INN highlights that while the production ratio of gold to silver is roughly 1:7.5, the market price ratio has often sat near 1:80–90 in recent years, implying that silver has lagged gold substantially. ^[44]
The same report notes that if silver were priced strictly by production ratios at current gold levels around $4,000, it would trade far above today’s price—though few expect such a perfect alignment in reality. ^[45]

This perceived under‑valuation is one reason why so many high‑conviction bulls are comfortable projecting $75–100+ targets for the next cycle.

What could derail the silver rally?

Even the most bullish reports flag serious downside risks:

Stronger dollar and hawkish Fed
XS’s bear‑case scenario warns that a resurgent U.S. dollar or unexpectedly hawkish Fed stance could trigger heavy liquidation across precious metals. ^[46]
Rapid disinflation
If inflation expectations fall faster than anticipated, silver’s appeal as an inflation hedge could fade, weakening investment demand. ^[47]
Industrial slowdown or substitution
A global slowdown, especially in solar, EVs or electronics, could ease the strain on physical supplies. Producers also have incentives to thrift or substitute silver in some applications if prices remain extremely high. ^[48]
Forecast caution from major banks
Citi’s decision to cut its 0–3‑month silver target to $42/oz is a reminder that some institutions still see the risk of a sharp correction from current levels, even if the long‑term case remains supportive. ^[49]

For traders and investors, the message is clear: the trend is bullish, but volatility and drawdown risk are high.

What today’s silver price means for different investors

This section is general information, not investment advice. Always do your own research and consult a qualified advisor before investing.

Short‑term traders
- Face a market that can move multiple dollars per ounce in a single session.
- Key zones to watch are the $58.6–59 area on the upside and the mid‑50s on the downside as support. ^[50]
Long‑term holders and “stackers”
- May see current prices as validation of the structural deficit and energy‑transition thesis, but must also accept the possibility of deep pullbacks—Citi’s $42 short‑term target serves as a reminder of how far prices could retrace. ^[51]
ETF and mining‑stock investors
- Equity and ETF plays can magnify both the upside and the downside. INN notes that many silver miners still have all‑in costs closer to $20–30/oz, leaving significant leverage to higher spot prices—but also exposure to swings in risk sentiment and broader equity markets. ^[52]
Jewelry buyers and industrial users
- For jewelry buyers, higher prices translate directly into more expensive finished products.
- For manufacturers, sustained high prices may accelerate substitution, thrifting, or efficiency improvements, which could eventually moderate demand growth.

FAQ: Silver price today

Why did silver hit record highs this week?
Because markets are simultaneously pricing Fed rate cuts, a weaker dollar, and multi‑year supply deficits, while industrial demand for solar, EVs and electronics remains robust. Together, these forces have pushed silver to fresh records near $59–61/oz. ^[53]

Could silver reach $100 per ounce?
Some high‑profile analysts, such as Larry Lepard and strategists quoted by deVere, argue that triple‑digit silver is possible if deficits persist and monetary policy stays loose. More conservative institutional forecasts from banks like HSBC or Citi cluster in the $40–65 range for the next couple of years, so $100 remains an aggressive, non‑consensus scenario rather than a base case. ^[54]

Is silver still a safe‑haven asset or mainly an industrial metal now?
It’s both. Silver still behaves like a macro hedge alongside gold when rates fall and the dollar weakens, but more than half of its demand now comes from industrial uses, particularly solar and advanced electronics. That dual identity is a key reason for the current bull market. ^[55]

If you’re following silver for trading, investment, or just curiosity, the takeaway on December 7, 2025 is simple:
we’re in a historic, supply‑driven bull market that is now tightly intertwined with Fed policy and the global energy transition—rewarding, but risky, and far from over.