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 2024.11.06 18:34
Silver price today: Silver falls, according to FXStreet data

update 2024.11.06 18:34

Silver prices (XAG/USD) fell on Wednesday, according to FXStreet data. Silver trades at $32.28 per troy ounce, down 1.12% from the $32.64 it cost on Tuesday.

Silver prices have increased by 35.64% since the beginning of the year.

Unit measure Silver Price Today in USD
Troy Ounce 32.28
1 Gram 1.04

The Gold/Silver ratio, which shows the number of ounces of Silver needed to equal the value of one ounce of Gold, stood at 84.33 on Wednesday, up from 84.04 on Tuesday.

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

 : 2024.11.06

Update

Last updated

 : 2024.11.06

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

USD: Waiting for details - Rabobank

The 'Trump Trade' was fully unleashed in the market this morning as evidenced across stocks, bonds, FX and crypto.
New
update2024.11.06 20:17

USD/CHF Price Forecast: Strives to extend rally above 200-day EMA

The USD/CHF pair rallies to near 0.8750 in Wednesday's European session.
New
update2024.11.06 20:05

DXY: 2-way trades to dominate - OCBC

The US Dollar (USD) traded higher, as vote count skews in favour of Trump at time of writing.
New
update2024.11.06 20:04

US Election: republicans likely win presidency & senate - TDS

Markets remain strongly inclined to trade a Red Sweep. 10y USTs still around 15bps higher on the day and 5s30s curve bear steepening.
New
update2024.11.06 19:45

Republican sweep raises risks to the outlook - ABN AMRO

Republican clean sweep makes it significantly easier to implement full policy agenda, ABN AMRO's economists note.
New
update2024.11.06 19:42

EUR/USD goes down with Trump 2.0 - BBH

EUR/USD has experienced a deeper pullback after confirming a double top, BBH's FX analysts note.
New
update2024.11.06 19:37

Gold dumped for riskier options as Trump nears finish line

Gold (XAU/USD) trades down by half a percent in the $2,720s on Wednesday due to the US Dollar (USD) strengthening after current results from the US presidential election show Republican nominee Donald Trump on 267 electoral votes, only three short of a victory.
New
update2024.11.06 19:28

PLN: Still no change - Commerzbank

Poland's central bank (NBP) will announce its monthly interest rate decision today.
New
update2024.11.06 19:25

USD/CNH: Can breach 7.1800 near term - UOB Group

Impulsive advance in early Asian trade could extend to 7.1550 before levelling off.
New
update2024.11.06 19:05

USD/JPY surges to near 154.40 as US Trump claims victory over Democrats

The USD/JPY pair refreshes a four-month high near 154.40 in European trading hours on Wednesday.
New
update2024.11.06 18:57

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