Silver price today: Silver rises, according to FXStreet data

Silver prices surged on Friday, according to FXStreet data, climbing to $69.94 per troy ounce, a 2.67% increase from $68.12 the previous day. Since the beginning of the year, Silver has dropped by 1.61%. The Gold/Silver ratio, indicating how many ounces of Silver equal one ounce of Gold, fell to 65.71 on Friday from 66.35 on Thursday.

Silver is a highly traded precious metal used as a store of value and medium of exchange. Although less popular than Gold, investors may purchase Silver for its intrinsic value or as a hedge during inflation periods. Silver can be bought as physical coins or bars, or through Exchange Traded Funds tracking its price. Its price is influenced by factors such as geopolitical instability, recession fears, lower interest rates, US Dollar strength, investment demand, mining supply, and recycling rates.

Silver is used extensively in industries like electronics and solar energy due to its high electrical conductivity. Its price often moves in tandem with Gold, as both are considered safe-haven assets.