Silver price today: Silver rises, according to FXStreet data

Silver prices increased on Wednesday, according to FXStreet data, trading at $64.54 per troy ounce, up 1.36% from $63.67 the previous day. The Gold/Silver ratio fell to 67.12 on Wednesday from 67.44 the prior day. Silver, a precious metal often used as a store of value and medium of exchange, has dropped 9.21% since the start of the year.

Traders may purchase Silver to diversify their portfolios or as a hedge during inflationary periods. Silver prices fluctuate due to various factors, including geopolitical tensions, interest rates, the US Dollar's strength, investment demand, mining supply, and recycling rates. Industries like electronics, solar energy, and jewelry also impact Silver prices.

When Gold prices rise, Silver typically follows due to their comparable status as safe-haven assets. The Gold/Silver ratio may help determine their relative value. On Thursday, AUD/USD dipped below 0.7100 as the US Dollar surged following the Federal Reserve's 25 basis point rate hike announcement. USD/JPY reached fresh weekly highs around 156.00 amid the same Fed decision.

Gold prices fell after the rate hike, while the XAU/USD pair declined towards $4,250 as hawkish comments from Fed Chair Kevin Warsh encouraged bets for further rate hikes.