At a glance (Nov 17, 2025):
- Spot silver (XAG/USD): down about 1.2% to $49.94/oz at 3:13 p.m. ET, tracking a stronger dollar and softer Fed-cut odds. [1]
- Intraday range: roughly $49.58–$51.31/oz; 52‑week range:$28.16–$54.50/oz; 1‑year change: about +69%. [2]
- COMEX silver futures (Dec ’25): around $50.68 near 12:13 p.m. CT; today’s futures range showed roughly $49.36–$51.10. [3]
- Backdrop: Traders cite a firmer DXY, Fed minutes due Wednesday, and U.S. jobs data Thursday, with risk assets turning cautious. [4]
Where silver prices stand right now
By mid‑afternoon New York time, spot silver was quoted near $49.94/oz, down ~1.2% on the day, as the U.S. dollar extended gains and markets pared back the probability of another near‑term Fed cut. The same dynamics knocked gold lower and left other precious metals mixed. [5]
High‑frequency price boards show XAG/USD trading inside a wide $49.58–$51.31 intraday band today. On a longer horizon, silver’s 52‑week high of about $54.50 and one‑year gain near 69% highlight how elevated the metal remains despite recent pullbacks. [6]
On futures, COMEX December 2025 silver changed hands around $50.68 just after noon Chicago time, with today’s range roughly $49.36–$51.10 per widely followed futures dashboards. [7]
Why silver is lower today
Macro headwinds. A firmer dollar makes dollar‑priced metals more expensive for non‑U.S. buyers. At the same time, traders scaled back bets on a December Fed cut after recent hawkish Fed commentary, keeping real yields sticky and pressuring non‑yielding assets like precious metals. Fed minutes arrive Wednesday, followed by U.S. nonfarm payrolls on Thursday, two event risks that are keeping positioning cautious. [8]
“No new bullish catalyst” tone. Precious‑metals commentary today emphasized a lack of fresh, supportive headlines, with both gold and silver easing as traders wait for new data or policy signals. [9]
Context: tight physical market themes haven’t disappeared
Structural deficit still in focus. Last week the Silver Institute said the market is on course for a fifth consecutive structural deficit in 2025, noting record‑high prices earlier this year and strong inflows into exchange‑traded products. A separate report today highlighted that while industrial demand is expected to dip this year, investment demand has accelerated, keeping the deficit narrative alive. [10]
October’s squeeze has eased but matters. In October, benchmark London silver prices spiked to a record near $54.47/oz amid tightness before easing as large shipments from the U.S. and China replenished London vaults—a reminder that near‑term liquidity can still drive sharp moves even in a fundamentally tight market. [11]
Banks have upgraded medium‑term views. In October, HSBC lifted its 2025 average silver price forecast to $38.56/oz, citing buoyant gold and renewed investor demand—signals that large institutions view pullbacks within a higher‑price regime. [12]
What to watch into the rest of the week
- Fed Minutes (Wed) & U.S. Jobs (Thu): Surprise shifts in rate‑cut expectations could swing the dollar and real yields—key inputs for silver pricing. [13]
- Futures roll dynamics: With December ’25 the front U.S. contract, traders are watching liquidity and first‑notice timing into late November per exchange calendars and contract specs. [14]
- Flows & holdings: Price‑sensitive ETF demand has been a strong feature this year per the Silver Institute; fresh inflows or outflows can amplify day‑to‑day moves. [15]
Key levels traders are mentioning (information, not advice)
- Immediate support:~$49.35–$49.60, which lines up with today’s low prints in futures/spot. [16]
- Near‑term resistance:~$51.10–$51.30, today’s upper end of the range. [17]
- Bigger picture: October’s spike toward $54.5 remains the cycle extreme overhead. [18]
Bottom line for Nov 17, 2025
Silver is consolidating around $50/oz today, dragged by a firmer U.S. dollar and tempered Fed‑cut hopes, yet the medium‑term story of a structurally tight market—underscored by the Silver Institute—still underpins the metal. Absent a fresh macro catalyst, range‑bound trade between roughly $49.5 and $51+ has dominated the session, with macro data mid‑week poised to set the next directional cue. [19]
FAQ: Silver price today (Nov 17, 2025)
What is the silver price right now?
By mid‑afternoon New York time, spot silver was around $49.94/oz (-1.2%); live boards showed an intraday band near $49.6–$51.3. [20]
How are silver futures trading?
COMEX Dec ’25 hovered near $50.68 around midday Chicago time, with a daily range roughly $49.36–$51.10 on widely followed futures trackers. [21]
Why is silver down today?
A stronger dollar and reduced odds of a near‑term Fed cut pressured precious metals broadly, and no new bullish catalysts emerged during Monday’s session. [22]
What’s the backdrop for the months ahead?
Despite today’s dip, the Silver Institute still sees a fifth straight annual deficit in 2025; October’s record spike near $54.5/oz also underscored how quickly tightness can reassert itself.
This article is for information only and not investment advice.
References
1. www.reuters.com, 2. www.investing.com, 3. www.cmegroup.com, 4. www.reuters.com, 5. www.reuters.com, 6. www.investing.com, 7. www.cmegroup.com, 8. www.reuters.com, 9. www.kitco.com, 10. silverinstitute.org, 11. www.reuters.com, 12. www.reuters.com, 13. www.reuters.com, 14. www.barchart.com, 15. silverinstitute.org, 16. www.investing.com, 17. www.investing.com, 18. www.reuters.com, 19. www.reuters.com, 20. www.reuters.com, 21. www.cmegroup.com, 22. www.reuters.com
