Silver price today: Silver treads water, according to FXStreet data

Source Fxstreet
Apr 11, 2024 08:57

Silver prices (XAG/USD) broadly unchanged on Thursday, according to FXStreet data. Silver trades at $27.93 per troy ounce, steady from Wednesday.

Silver prices have increased by 9.65% since the beginning of the year.

Unit measure Today Price
Silver price per troy ounce $27.93
Silver price per gram $0.90

 

The Gold/Silver ratio, which shows the number of troy ounces of Silver needed to equal the value of one troy ounce of Gold, stood at 83.46 on Thursday, down from 83.63 on Wednesday.

Investors might use this ratio to determine the relative valuation of Gold and Silver. Some may consider a high ratio as an indicator that Silver is undervalued – or Gold is overvalued – and might buy Silver or sell Gold accordingly. Conversely, a low ratio might suggest that Gold is undervalued relative to Silver.

Global Market Movers: Comex Silver price holds retreat below $28.00 amid geopolitical tensions

  • Comex Silver price holds correction below $28.00 despite the retreat in the US Dollar on Thursday.
  • Precious metals’ traders overlook the US inflation report that came in hotter than expected.
  • Data overnight showed higher US inflation in March, decimating the chance of a rate cut in June. Core CPI advanced 0.4%, above forecasts of a 0.3% rise.
  •  Fed Funds Futures market pushed expectations for the first rate cut from June to September, according to the CME FedWatch Tool.
  • Rising industrial demand and escalating geopolitical tensions in the Middle East boost the Silver price. 
  •  Israel and Hamas rejected ceasefire talks and Iran vowed retaliation for an airstrike on its embassy in Syria.

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

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.

 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
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