Silver price today: Silver surged to a record near $58 an ounce on Monday, hitting an all-time high of $57.86 and extending a six-day rally of almost 15%. Prices are now up over 100% in 2025, doubling from last year’s 52-week low near $28.30 and outperforming the S&P 500 by more than six times.
Spot silver last traded around $57.63, while front-month futures touched intramonth highs near $58.60. The jump comes as traders price an 88% chance of a December Fed rate cut, fueled by softer U.S. data and dovish comments from policymakers including Christopher Waller and John Williams. A weaker U.S. dollar, now at a two-week low, added support by making metals cheaper for foreign buyers.
UBS analyst Giovanni Staunovo said expectations of a more dovish Fed chair and stronger industrial demand are lifting silver alongside gold. The White House signaled a potential new Fed nominee before Christmas, adding to market speculation.
Technical charts show extreme momentum, with the 4-hour RSI above 80 and prices far above the 50-day and 200-day moving averages at $48 and $38. Analysts warn of possible pullbacks, but fundamentals remain bullish with targets at $58, $60, and $63.80 while support sits at $56.45, $54.45, and $52.75.
UBS analyst Giovanni Staunovo said investors are positioning for a more accommodative Fed and a more dovish incoming chairman. “Silver benefits from the same factor as gold, plus the expectation of further improving industrial demand next year,” he said.
The White House added fuel to that outlook after economic adviser Kevin Hassett said he would be open to serving as the next Fed chair. Treasury Secretary Scott Bessent confirmed that President Trump is expected to name a nominee before Christmas.
A weaker U.S. dollar also supported Monday’s rally. The dollar index slipped to a two-week low, making dollar-priced commodities more affordable for overseas buyers.
Markets now turn to the November ADP employment report on Wednesday and the core PCE inflation data on Friday. Both releases are considered critical for shaping rate expectations heading into the December FOMC meeting.
Lower borrowing costs tend to support precious metals, particularly non-yielding assets like silver and gold. UBS expects gold to reach $4,500/oz next year and silver to extend its advance toward $60/oz, reflecting continued investment and industrial demand.
Other precious metals also gained. Platinum rose 1.6% to $1,698.85, while palladium added 1.7% to $1,475.02.
Immediate resistance is at $58.00, aligned with the 161.8% Fibonacci retracement of the mid-November correction. A break above this level places the next target at the $60.00 psychological zone. Beyond that, the 261.8% retracement sits near $63.80.
On the downside, support first appears at $56.45. A drop below that area exposes the earlier record high near $54.45, followed by the November 27 pivot at $52.75.
The move marks one of the strongest annual performances of any major global asset. With silver prices now doubling year-over-year, the metal has officially outperformed the S&P 500 by more than six times in 2025.
Spot silver last traded around $57.63, while front-month futures touched intramonth highs near $58.60. The jump comes as traders price an 88% chance of a December Fed rate cut, fueled by softer U.S. data and dovish comments from policymakers including Christopher Waller and John Williams. A weaker U.S. dollar, now at a two-week low, added support by making metals cheaper for foreign buyers.
UBS analyst Giovanni Staunovo said expectations of a more dovish Fed chair and stronger industrial demand are lifting silver alongside gold. The White House signaled a potential new Fed nominee before Christmas, adding to market speculation.
Technical charts show extreme momentum, with the 4-hour RSI above 80 and prices far above the 50-day and 200-day moving averages at $48 and $38. Analysts warn of possible pullbacks, but fundamentals remain bullish with targets at $58, $60, and $63.80 while support sits at $56.45, $54.45, and $52.75.
Why are silver prices breaking records?
The latest surge is driven by growing confidence that the Federal Reserve will begin cutting interest rates in December. Traders now price an 88% chance of a rate cut, according to the CME FedWatch tool. Analysts say softer U.S. data and dovish comments from key policymakers, including Fed Governor Christopher Waller and New York Fed President John Williams, have accelerated those expectations.UBS analyst Giovanni Staunovo said investors are positioning for a more accommodative Fed and a more dovish incoming chairman. “Silver benefits from the same factor as gold, plus the expectation of further improving industrial demand next year,” he said.
The White House added fuel to that outlook after economic adviser Kevin Hassett said he would be open to serving as the next Fed chair. Treasury Secretary Scott Bessent confirmed that President Trump is expected to name a nominee before Christmas.
A weaker U.S. dollar also supported Monday’s rally. The dollar index slipped to a two-week low, making dollar-priced commodities more affordable for overseas buyers.
Markets now turn to the November ADP employment report on Wednesday and the core PCE inflation data on Friday. Both releases are considered critical for shaping rate expectations heading into the December FOMC meeting.
Lower borrowing costs tend to support precious metals, particularly non-yielding assets like silver and gold. UBS expects gold to reach $4,500/oz next year and silver to extend its advance toward $60/oz, reflecting continued investment and industrial demand.
Other precious metals also gained. Platinum rose 1.6% to $1,698.85, while palladium added 1.7% to $1,475.02.
Technical levels: rally strong but overbought
The technical outlook remains bullish, though momentum indicators show stretched conditions. The 4-hour Relative Strength Index sits above 80, signaling that silver is heavily overbought and vulnerable to short-term pullbacks.Immediate resistance is at $58.00, aligned with the 161.8% Fibonacci retracement of the mid-November correction. A break above this level places the next target at the $60.00 psychological zone. Beyond that, the 261.8% retracement sits near $63.80.
On the downside, support first appears at $56.45. A drop below that area exposes the earlier record high near $54.45, followed by the November 27 pivot at $52.75.
How 2025 compares with last year
Silver’s trajectory this year has been extraordinary. Futures are trading nearly 30 dollars higher than a year ago. The contract sits well above both the 50-day moving average (~$48) and the 200-day moving average (~$38). The breakout confirms a powerful uptrend supported by macroeconomic momentum, tightening supply conditions, and robust industrial demand.The move marks one of the strongest annual performances of any major global asset. With silver prices now doubling year-over-year, the metal has officially outperformed the S&P 500 by more than six times in 2025.
