Silver prices experienced a noticeable increase on Thursday, with XAG/USD climbing to $28.49 per troy ounce, marking a 1.03% rise from Wednesday’s price of $28.20. This surge reflects a significant year-to-date increase of 11.86% in silver’s value, underscoring a robust performance for the precious metal in the commodities market.

Current Silver Prices:

  • Per troy ounce: $28.49
  • Per gram: $0.92

One critical metric investors monitor is the Gold/Silver ratio, which reflects the number of troy ounces of silver required to purchase one troy ounce of gold. On Thursday, this ratio slightly decreased to 83.54 from Wednesday’s 83.72. This ratio is a traditional tool for evaluating the relative values of these two metals. A higher ratio often suggests that silver is potentially undervalued relative to gold, prompting investors to adjust their portfolios accordingly, possibly increasing their silver holdings or reducing gold assets.

In the broader commodities market, silver showed promising dynamics in Thursday’s early European trading session, maintaining levels around $28.50. The metal’s price is bolstered by rising industrial demand and ongoing geopolitical tensions in the Middle East, factors that traditionally influence precious metals markets due to their status as safe-haven assets.

Commodity analysts from ANZ have highlighted silver’s robust potential, even as the metal approached a resistance point at $29.90 last week. However, expectations that the Federal Reserve might postpone easing monetary policies could limit further immediate gains in silver prices. This sentiment was reinforced by comments from Fed Cleveland President Loretta Mester, who recently noted that inflation remains above expectations, suggesting a more cautious approach to reducing interest rates.

Moreover, Federal Reserve Chair Jerome Powell has indicated a need for more substantial evidence that inflation is on a stable path toward the central bank’s 2% target before any adjustments to borrowing costs are considered.

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