Silver reached a new all-time peak above $42.80 per ounce on December 21, 2025, fueled by growing expectations of central bank rate cuts and heightened geopolitical risks. The rally lifted related instruments including the SLV ETF and XAG/USD futures.
- Silver reached a record high of $42.83 per ounce on December 21, 2025
- SLV ETF rose to $95.40 per share, up 2.8% on the day
- XAG/USD hit 42.81, up 3.4% intraday and 22.6% YTD
- Perth Mint reported 15% increase in one-kilogram silver bar sales
- Gold-silver ratio declined to 84.1, its lowest since 2022
- S&P Global Silver Index gained 4.1% on renewed macro-driven demand
Silver prices climbed to $42.83 per ounce on December 21, 2025, marking a new record high, as investors flocked to the metal amid shifting monetary policy expectations and escalating regional instability. The surge followed a series of dovish signals from major central banks, with markets pricing in multiple rate cuts by mid-2026, which reduced the opportunity cost of holding non-yielding assets like precious metals. Geopolitical developments in Eastern Europe and the Middle East further intensified safe-haven demand, bolstering silver’s appeal beyond its industrial applications. The rally was mirrored across key financial instruments. The SLV ETF, a widely traded vehicle tracking silver prices, rose over 2.8% in intraday trading to reach $95.40 per share, reflecting strong investor inflows. Meanwhile, the XAG/USD spot rate climbed to 42.81, up 3.4% on the day and up 22.6% year-to-date. Physical market demand also showed strength, with the Perth Mint reporting a 15% increase in one-kilogram silver bar sales over the past week, underscoring real-world demand support. Market analysts note that silver’s performance is outpacing gold, with the gold-silver ratio falling to 84.1—its lowest level since 2022—indicating relative strength in the junior metal. This dynamic is particularly notable given silver’s higher volatility and industrial sensitivity, suggesting aggressive positioning by macro traders. The rally has also triggered increased activity in silver mining equities, with the S&P Global Silver Index gaining 4.1% on the day.