Mon. May 20th, 2024

SILVER PRICE TODAY: SILVER RISES FURTHER, ACCORDING TO FXSTREET DATA Apr. 09/04/2024

Silver price Today (XAG/USD) rose on Tuesday, according to FXStreet data. Silver trades at $28.07 per troy ounce, up 0.79% from the $27.85 it cost on Monday.

Silver prices have increased by 10.22% since the beginning of the year.

Unit measureToday Price
Silver price per ounce$28.07
Silver price per gram$10.53

The Gold/Silver ratio, which shows the number of ounces of Silver needed to equal the value of one ounce of Gold, stood at 84.02 on Tuesday, up from 83.99 on Monday.

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 today rises above $28.00

  • Silver price follows the rally in gold as global central banks increase their reserves.
  • The price of Silver has advanced to its highest level since June 2021.
  • The eased geopolitical situation in the Middle East could limit the advance of Silver price.
  • The demand for non-yielding assets like Silver is bolstered as US Treasury yields correct after two days of gains.
  • The industrial outlook for metals received a boost from strong manufacturing data from top consumer China and projections for increased solar installations.
  • Traders eagerly await the release of the US Consumer Price Index inflation data  due on Wednesday for a fresh US Dollar price action, eventually impacting XAG/USD.

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