Select Language

Silver price today: Silver falls, according to FXStreet data

Breaking news

Silver price today: Silver falls, according to FXStreet data

  • X
  • facebook
  • LINE
  • RSS

  • X
  • facebook
  • LINE
  • RSS
New update 2024.05.22 18:14
Silver price today: Silver falls, according to FXStreet data

update 2024.05.22 18:14

Silver prices (XAG/USD) fell on Wednesday, according to FXStreet data. Silver trades at $31.75 per troy ounce, down 0.73% from the $31.98 it cost on Tuesday.

Silver prices have increased by 24.66% since the beginning of the year.

Unit measure Today Price
Silver price per troy ounce $31.75
Silver price per gram $1.02

 

The Gold/Silver ratio, which shows the number of troy ounces of Silver needed to equal the value of one troy ounce of Gold, stood at 76.10 on Wednesday, up from 75.69 on Tuesday.

Investors might use this ratio to determine the relative valuation of Gold and Silver. Some may consider a high ratio as an indicator that Silver is undervalued - or Gold is overvalued - and might buy Silver or sell Gold accordingly. Conversely, a low ratio might suggest that Gold is undervalued relative to Silver.

(An automation tool was used in creating this post.)

Silver FAQs

Silver is a precious metal highly traded among investors. It has been historically used as a store of value and a medium of exchange. Although less popular than Gold, traders may turn to Silver to diversify their investment portfolio, for its intrinsic value or as a potential hedge during high-inflation periods. Investors can buy physical Silver, in coins or in bars, or trade it through vehicles such as Exchange Traded Funds, which track its price on international markets.

Silver prices can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can make Silver price escalate due to its safe-haven status, although to a lesser extent than Gold's. As a yieldless asset, Silver tends to rise with lower interest rates. Its moves also depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAG/USD). A strong Dollar tends to keep the price of Silver at bay, whereas a weaker Dollar is likely to propel prices up. Other factors such as investment demand, mining supply - Silver is much more abundant than Gold - and recycling rates can also affect prices.

Silver is widely used in industry, particularly in sectors such as electronics or solar energy, as it has one of the highest electric conductivity of all metals - more than Copper and Gold. A surge in demand can increase prices, while a decline tends to lower them. Dynamics in the US, Chinese and Indian economies can also contribute to price swings: for the US and particularly China, their big industrial sectors use Silver in various processes; in India, consumers' demand for the precious metal for jewellery also plays a key role in setting prices.

Silver prices tend to follow Gold's moves. When Gold prices rise, Silver typically follows suit, as their status as safe-haven assets is similar. The Gold/Silver ratio, which shows the number of ounces of Silver needed to equal the value of one ounce of Gold, may help to determine the relative valuation between both metals. Some investors may consider a high ratio as an indicator that Silver is undervalued, or Gold is overvalued. On the contrary, a low ratio might suggest that Gold is undervalued relative to Silver.

 


Date

Created

 : 2024.05.22

Update

Last updated

 : 2024.05.22

Related articles


Show more

FXStreet

Financial media

arrow
FXStreet

FXStreet is a forex information website, delivering market analysis and news articles 24/7.
It features a number of articles contributed by well-known analysts, in addition to the ones by its editorial team.
Founded in 2000 by Francesc Riverola, a Spanish economist, it has grown to become a world-renowned information website.

Was this article helpful?

We hope you find this article useful. Any comments or suggestions will be greatly appreciated.  
We are also looking for writers with extensive experience in forex and crypto to join us.

please contact us at [email protected].

Thank you for your feedback.
Thank you for your feedback.

Most viewed

EUR/JPY Price Analysis: Slips below 169.00 amid political turmoil

The Euro tumbled for the second straight day against the Japanese Yen due to political uncertainty.
New
update2024.06.15 07:02

NZD/USD Price Analysis: Consolidation phase intensifies, bulls present battle

The NZD/USD dipped to a low of 0.6115 before recovering and stabilizing at the 20-day Simple Moving Average (SMA) of 0.6140.
New
update2024.06.15 06:55

EUR/USD tests fresh six-week lows below 1.0700 on Friday

EUR/USD slipped further into the low end on Friday, clipping into 1.0670 before recovering to the 1.0700 handle during the US market session.
New
update2024.06.15 06:10

AUD/JPY Price Analysis: Buyers consolidate, sellers challenge the 20-day SMA support

In Friday's session, the AUD/JPY pair further descended as buyers continued to realize their profits, which led to the pair falling briefly below the 20-day Simple Moving Average (SMA) at 103.60, only to regain ground above the 104.00 mark.
New
update2024.06.15 06:01

Gold price surges over 1.3% as soft US inflation data fuels rate cut hopes

Gold's price spiked during the North American session on Friday after inflation data in the United States (US) increased investors' hopes of the Federal Reserve (Fed) cutting interest rates later this year.
New
update2024.06.15 05:44

USD/JPY Price Analysis: Climbs steadily above 157.00

The USD/JPY finishes the week on a higher note, registering gains of 0.22% on Friday after the Bank of Japan (BoJ) decided to hold rates unchanged, weakening the Japanese Yen (JPY).
New
update2024.06.15 05:40

NZD/JPY Price Analysis: Buyers defend 20-day SMA despite consolidation

Friday records an extended consolidation phase for the NZD/JPY pair, maintaining its level after reaching the multi-year highs logged earlier the week.
New
update2024.06.15 04:35

Fed's Goolsbee: European rate cuts could bolster the US Dollar

Austan Goolsbee, President of the Federal Reserve (Fed) Bank of Chicago cautioned that he still wants to see further progress on inflation, but sees the possibility of worsening conditions in manufacturing and argiculture.
New
update2024.06.15 04:09

Dow Jones Industrial Average attempts meager recovery on Friday

The Dow Jones Industrial Average (DJIA) climbed from an early low on Friday, but sill traded on the low side of Thursday's closing bids after getting knocked further back during the overnight session.
New
update2024.06.15 03:59

Australian Dollar extends losses ahead of RBA decision

The Australian Dollar (AUD) experienced additional losses against the US Dollar (USD) despite strong labor market data from Australia reported earlier in the week, which prompted for a more hawkish Reserve Bank of Australia (RBA).
New
update2024.06.15 03:31

Disclaimer:arw

All information and content provided on this website is provided for informational purposes only and is not intended to solicit any investment. Although all efforts are made in order to ensure that the information is correct, no guarantee is provided for the accuracy of any content on this website. Any decision made shall be the responsibility of the investor and Myforex does not take any responsibility whatsoever regarding the use of any information provided herein.

The content provided on this website belongs to Myforex and, where stated, the relevant licensors. All rights are reserved by Myforex and the relevant licensors, and no content of this website, whether in full or in part, shall be copied or displayed elsewhere without the explicit written permission of the relevant copyright holder. If you wish to use any part of the content provided on this website, please ensure that you contact Myforex.

  • Facebook
  • Twitter
  • LINE

Myforex uses cookies to improve the convenience and functionality of this website. This website may include cookies not only by us but also by third parties (advertisers, log analysts, etc.) for the purpose of tracking the activities of users. Cookie policy

I agree
share
Share
Cancel