Silver price today: Silver broadly unchanged, according to FXStreet data

On Thursday, silver prices remained largely unchanged at $62.01 per troy ounce, FXStreet data revealed. This slight fluctuation, just 0.06%, was negligible compared to the $62.05 on the previous day. Over the course of the year, silver prices have dropped by 12.77%. As a precious metal traded extensively by investors, silver is often sought after for its value preservation and exchange capabilities, despite being less popular than gold.

Investors can acquire physical silver through coins or bars or trade it via Exchange Traded Funds, which track silver prices on international markets. Silver's price can be influenced by various factors, including geopolitical tensions or economic instability, which might raise its value as a safe-haven asset, albeit to a lesser degree than gold.

Its price is also affected by interest rates, as silver tends to rise when interest rates are low, and moves inversely to the US Dollar, which is priced in dollars. Silver's industrial applications, particularly in electronics and solar energy, also play a significant role in determining its price. An increase in demand due to industrial use can push prices up, while a decrease can lower them.

The Gold/Silver ratio, indicating how many ounces of silver are equivalent to one ounce of gold, is another crucial factor in assessing the relative valuation of the two metals. A high ratio may suggest silver is undervalued, while a low ratio could indicate gold is undervalued relative to silver.