Silver price today: Silver rises, according to FXStreet data

Silver prices surged on Friday, per FXStreet data. The precious metal traded at $67.18 per troy ounce, marking a 3.03% increase from Thursday's $65.21. Over the course of the year, Silver's value fell by 5.48%. The Gold/Silver ratio, indicating the amount of Silver required to match the value of a single ounce of Gold, stood at 65.37 on Friday, down from 66.58 the previous day.

Silver, a highly traded commodity among investors, has long been valued as a store of value and medium of exchange. While less popular than Gold, Silver may be sought after by investors for its intrinsic worth or as a hedge against inflation. Investors can acquire Silver in physical form, such as coins or bars, or trade it through instruments like Exchange Traded Funds that mirror the metal's price on global markets.

Various factors influence Silver prices. Political unrest or concerns about a severe economic downturn can cause Silver prices to surge, albeit to a lesser extent than Gold. With no yield, Silver typically appreciates when interest rates are low. Its movements also depend on the performance of the US Dollar, as Silver is priced in dollars (XAG/USD).

A robust Dollar tends to suppress Silver prices, while a weaker Dollar typically boosts them. Additional factors such as investment demand, mining output, and recycling rates can also impact Silver prices. Widely utilized in industries like electronics and solar energy due to its exceptional electrical conductivity, Silver's price can rise with increased demand or fall with decreased demand.

The Gold/Silver ratio may provide insights into the relative valuation of the two metals. A high ratio could signal that Silver is undervalued or Gold is overvalued, whereas a low ratio might indicate that Gold is undervalued relative to Silver. (An automated system assisted in the creation of this report.) The FXStreet content team, composed of a team of economic journalists and FX experts, crafts and manages all material published on the platform. The team adopts a strictly journalistic approach to the Forex market.