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Silver prices (XAG/USD) rose on Friday, according to FXStreet data. Silver trades at $29.53 per troy ounce, up 0.38% from the $29.42 it cost on Thursday. Silver prices have increased by 24.10% since the beginning of the year. Unit measure Silver Price Today in USD Troy Ounce 29.53 1 Gram 0.95 The Gold/Silver ratio, which shows the number of ounces of Silver needed to equal the value of one ounce of Gold, stood at 85.48 on Friday, down from 85.71 on Thursday. 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…

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Filed under: News - @ August 30, 2024 10:19 am