Updated 9 November 2026, 07:00 GMT. Spot silver is trading near $52.52 an ounce on Monday, up about 58 cents or 1.12 percent on the day (FXEmpire, 06:45 GMT), after reaching $53.15 earlier in Asian trading (Reuters). December futures are near $52.53 (Yahoo Finance, 06:40 GMT). Lower oil prices have eased inflation concerns one day before the US CPI report. Verdict: silver has held Friday’s gains, but the report decides whether it can reach $55 or falls back through $51. Reference levels: $51 below, $55 above.
Key facts
- Monday price: spot silver about $52.52 at 06:45 GMT, up 1.12 percent (FXEmpire). Trading Economics showed $52.54 on 9 November.
- Monday’s early high: $53.31 at 02:20 GMT (Reuters data via Analytics Insight) and $53.15 at 04:28 GMT (Reuters). Silver has given back part of that move since then.
- Friday’s close: $51.89 in New York, up 5.75 percent on the week (Precious Metals International, as cited on our Sunday silver page). December futures settled at $51.94 (Yahoo Finance).
- 12-month range: $48.62 to $121.67 (FXEmpire). Silver is about 57 percent below its January record of $121.64 (Trading Economics).
- The Fed: CME FedWatch showed an 81 percent chance of a December rate hike, up from 71 percent (Reuters).
- Next: US October CPI on Tuesday 10 November at 8:30 a.m. ET and PPI on Friday 13 November.
Why silver is up on Monday
Silver is following the same trade as gold. Brent fell after President Trump said new attacks on Iran were highly unlikely while talks progress, and cheaper oil reduces one source of inflation pressure (Reuters). A softer dollar helped as well. Gold rose about 1 percent in the same session, as covered on our Monday gold page.
At Monday’s prices, one ounce of gold buys about 78 ounces of silver, based on the FXEmpire spot quotes for both metals. Silver tends to move further than gold in both directions, so Tuesday’s report could produce a larger percentage move here.
The higher hike odds are the main headwind. The US added 165,000 jobs in October against about 65,000 expected, and our desk covered the release in US Economy Adds 165,000 Jobs as December Fed Rate Hike Odds Rise. Tim Waterer of KCM Trade told Reuters that any hot CPI readings “would likely firm the dollar and lift the odds of a December rate hike.”
What Tuesday’s CPI report will show
This report will not include the usual 12-month rate for indexes where October 2025 data are missing, because prices could not be collected during the 2025 government shutdown (BLS, via StockTitan). The monthly figures will carry the attention. RBC Economics expects headline and core inflation of 0.3 percent for the month, and the Cleveland Fed’s nowcast as of 6 November was 0.24 percent overall and 0.21 percent core (StockTitan).
Levels to watch
FXEmpire’s Muhammad Umair said a break above $55 could open the way towards $59.75 and then $60. In a separate FXEmpire analysis, silver buyers need to hold $51.05, and a break below it puts $48.62, the 12-month low, back in focus. Monday’s $53.15-$53.31 area is the first test on the way up.
Silver this week: bull, base and bear
| Scenario | Silver | What has to happen | Anchor |
|---|---|---|---|
| Bear | $51 | October CPI comes in hot, December hike odds rise and the dollar strengthens. | FXEmpire’s $51.05 support; about 2.8 percent below $52.52. |
| Base | $51.90-$53.30 | CPI is close to forecasts and silver stays between Friday’s close and Monday’s early high. | Friday’s $51.89 close and the $53.31 reached at 02:20 GMT on Monday. |
| Bull | $55 | CPI is soft, hike odds fall and oil stays lower. | The $55 breakout level named by FXEmpire; about 4.7 percent above $52.52. |
The bear case sits below the current price. These are reference levels measured from the 06:45 GMT spot quote, not forecasts.
What to watch this week
- Tuesday 10 November, 8:30 a.m. ET: US October CPI, with no annual rate for the main indexes.
- $51.05: a break below this level opens the $48.62 12-month low.
- Friday 13 November: US October PPI.
- Oil and Iran: a setback in talks could lift crude and revive inflation concerns.
Quick take: Silver is near $52.52 on Monday, up about 1 percent as oil falls and the dollar softens. It reached $53.31 earlier in Asian trading before easing. Tuesday’s CPI report is the test: $51 if inflation runs hot, a move towards $55 if it is soft.
FAQ
What is the silver price today?
Spot silver was about $52.52 an ounce at 06:45 GMT on Monday 9 November, up 1.12 percent (FXEmpire). December futures were near $52.53 at 06:40 GMT (Yahoo Finance).
Why is silver up today?
Oil fell after President Trump said new attacks on Iran were highly unlikely while talks progress, which eased inflation concerns, and the dollar softened (Reuters).
When is the next CPI report?
The October CPI report is due on Tuesday 10 November 2026 at 8:30 a.m. ET.
Why will CPI have no yearly rate?
Prices were not collected in October 2025 during the government shutdown, so the BLS will not publish 12-month changes for indexes where that data is missing (BLS, via StockTitan).
What is the gold to silver ratio today?
About 78, based on FXEmpire spot quotes of $4,112.67 for gold and $52.52 for silver on Monday morning.
What are the key silver levels this week?
Support at $51.05 and $48.62, resistance at $53.15-$53.31 and $55 (FXEmpire; Reuters).
Sources: FXEmpire, 8-9 November (spot price, 12-month range, Muhammad Umair’s levels, $51.05 analysis); Reuters via Business Recorder and Analytics Insight, 9 November (early Monday spot prices, FedWatch odds, Tim Waterer’s comment); Yahoo Finance, 9 November (December futures and settlement); Trading Economics, 9 November (spot price, record high); Precious Metals International, 6 November (Friday close, weekly gain); StockTitan, 6 November (BLS note, RBC and Cleveland Fed forecasts).
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Commodity prices are volatile. Do your own research and consult a licensed financial adviser before making investment decisions.