The price of silver opened at $31.33 per ounce, as of 9 a.m. ET. That’s down 1.19% from the previous day’s silver price per ounce and up 30.94% since the beginning of the year.
The lowest trading price within the last day: $31.15 per ounce. The highest silver spot price in the last 24 hours: $32.25 per ounce.
The spot silver price reflects what traders buy and sell silver for immediately, or on the spot. In contrast, the futures price reflects the price for silver delivered in later months.
The spot price for silver in the foreign exchange market is denoted as XAG/USD. Traders buy and sell silver 24/7 globally, so its price fluctuates constantly.
The price of XAG/USD reflects the value of one ounce of silver in U.S. dollars, and it is traded like traditional currency pairs. Because silver trades occur globally, investors can also track the spot price of silver in other currencies, such as XAG/EUR for euros and XAG/GBP for British pounds.
Silver is up 30.94% since the beginning of the year, as of 9 a.m. The 52-week high reached $32.51 on May 19, 2024, and the 52-week low dropped to $20.69 on Oct. 2, 2023.
The spot price of silver represents the current market rate at which silver can be exchanged and immediately delivered. But similar to gold, silver prices can be provided in troy ounces, grams and kilograms. Notably, a troy ounce, the standard unit for quoting silver prices, is slightly heavier than a standard ounce, with one troy ounce equaling 31.103 grams or 1.097 ounces.
The worldwide silver spot price calculation is a complex process, influenced by several factors and majorly impacted by futures contracts rather than physical silver trading.
Silver is one of four main precious metals investors can trade via physical bullion, exchange-traded products or futures contracts. Gold, palladium and platinum spot prices are also updated 24/7 in a variety of currencies.
The gold/silver ratio is the price of an ounce of gold divided by the price of silver per ounce. As of today, the gold/silver price ratio is 74.73.
The gold/silver ratio is significant because it is a tool for comparing the relative values of these two precious metals over time. This ratio helps investors and traders understand how the value of gold and silver fluctuates compared to each other.
The high ratio suggests that gold is more expensive than silver, indicating a market preference for gold as a haven, which can mean economic uncertainty. Conversely, a lower ratio implies that silver is gaining value or that gold is becoming less expensi…
