Silver Prices Decline on Wednesday
According to FXStreet data, silver prices (XAG/USD) fell on Wednesday. Silver is currently trading at $30.94 per troy ounce, marking a 1.05% decrease from the previous day’s price of $31.27.
Key Data:
- Silver prices have increased by 30.02% since the beginning of the year.
Unit Measure
| Unit measure | Silver Price Today in USD |
|---|---|
| Troy Ounce | 30.94 |
| 1 Gram | 0.99 |
Gold/Silver Ratio
The Gold/Silver ratio, which indicates the number of ounces of Silver required to match the value of one ounce of Gold, stood at 84.78 on Wednesday, up from 84.23 on Tuesday.
Silver FAQs
Why Silver?
Silver is a precious metal widely traded among investors. It has a historical significance as a store of value and a medium of exchange. Traders often turn to Silver to diversify their investment portfolios, leverage its intrinsic value, or hedge against high-inflation periods. Investors can purchase physical Silver in the form of coins or bars, or trade it through Exchange Traded Funds (ETFs) that track its price on global markets.
Factors Influencing Silver Prices
Silver prices can be influenced by various factors, including:
- Geopolitical instability or economic recession fears
- Interest rates and US Dollar behavior
- Investment demand and mining supply
- Industrial usage in electronics and solar energy
- Economic dynamics in the US, China, and India
Relationship with Gold
Silver prices often follow the movements of Gold. When Gold prices rise, Silver tends to increase as well due to their shared safe-haven asset status. The Gold/Silver ratio can provide insights into the relative valuation between these two metals, with a high ratio potentially indicating undervaluation of Silver or overvaluation of Gold, and vice versa.
(An automation tool was used in creating this post.)