Select Language

Silver price today: Silver rises, according to FXStreet data

blockHeadVisual
  1. HOME
  2. Get information
  3. World FX news
  4. Silver price today: Silver rises, according to FXStreet data

World FX news

search
Breaking news

Silver price today: Silver rises, according to FXStreet data

  • X
  • facebook
  • LINE
  • RSS
  • X
  • facebook
  • LINE
  • RSS
New update 2024.09.24 18:31
Silver price today: Silver rises, according to FXStreet data

update 2024.09.24 18:31

Silver prices (XAG/USD) rose on Tuesday, according to FXStreet data. Silver trades at $30.87 per troy ounce, up 0.56% from the $30.70 it cost on Monday.

Silver prices have increased by 29.74% since the beginning of the year.

Unit measure Silver Price Today in USD
Troy Ounce 30.87
1 Gram 0.99

The Gold/Silver ratio, which shows the number of ounces of Silver needed to equal the value of one ounce of Gold, stood at 85.15 on Tuesday, down from 85.63 on Monday.

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.

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

Date

Created

 : 2024.09.24

Update

Last updated

 : 2024.09.24

Related articles

Show more

Writer

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?
No loading Yes loading

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.

Previous article

prev

EUR/GBP rises to near 0.8350 following the dovish speech from BoE Governor Bailey

Next article

EUR: To consolidate within 1.1100-1.1150 range - ING

prev

Most viewed

Fed's Cook says she 'wholeheartedly' supported 50 bps rate cut

Federal Reserve (Fed) Governor Lisa Cook said on Thursday that she endorsed the 50 basis points (bps) interest rate cut last week as a way to address increased "downside risks" to employment, per Reuters.
New
update2024.09.27 08:09

USD/CAD softens below 1.3500, with all eyes on US PCE data

The USD/CAD pair edges lower to near 1.3470 during the early Asian session on Friday, pressured by the weaker US Dollar (USD) broadly.
New
update2024.09.27 08:00

GBP/USD touches 31-month high, Pound rally extends

The GBP/USD currency pair reached a 31-month high of 1.3434 on Thursday, marking a significant milestone in its upward trajectory.
New
update2024.09.27 07:49

EUR/JPY Price Forecast: Rallies to three-week peak, closes on 162.00

The EUR/JPY printed solid gains of over 0.40% on Thursday, extending its rally to three consecutive days.
New
update2024.09.27 07:04

NZD/USD Price Analysis: Bulls return, pair recovers below week's highs

On Thursday, the NZD/USD pair recovered from Wednesday's losses, gaining by 0.95% and settling at 0.6330.
New
update2024.09.27 06:48

USD/JPY Price Forecast: Fails to clear 145.00, forms 'doji' pattern

The USD/JPY remains subdued after seesawing within a 110-pip range, where the pair hit a three-week high of 145.21.
New
update2024.09.27 05:16

Australian Dollar rises sharply on RBA's hawkishness, USD weakness

The AUD/USD pair surged higher on Thursday, rising by 0.90% to 0.6890.
New
update2024.09.27 04:48

Gold price soars to record high amid firm US yields

Gold hit a new all-time high of $2,685 on Thursday as the Greenback began to recover from earlier losses sustained in the Asian and European sessions.
New
update2024.09.27 04:36

Forex Today: Investors now look at US PCE amidst Fed rate cut bets

The Greenback navigated quite a bearish session on Thursday, giving away a big chunk of Wednesday's gains despite higher yields and amidst a persistently firm sentiment in the risk-associated universe.
New
update2024.09.27 03:37

US Dollar softens after mid-tier economic data

The US Dollar Index (DXY), which measures the value of the USD against a basket of six currencies, is flat after a muted market reaction to a slew of robust US economic data.
New
update2024.09.27 03:11

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.

arw
  • 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
Line

Line
Facebook

Facebook
X

Twitter
Cancel