Silver price today: Silver rises, according to FXStreet data

On Monday, silver prices surged according to FXStreet data, reaching $61.71 per troy ounce. This represents a 2.13% increase from the $60.43 it cost on Friday. Over the course of the year, silver prices have dropped by 13.18%. The Gold/Silver ratio, indicating the number of silver ounces needed to match the value of one ounce of gold, stood at 67.51 on Monday, a decline from 68.57 on Friday.

Silver, a precious metal commonly traded by investors, has long been viewed as a store of value and medium of exchange. Though less popular than gold, traders may invest in silver for its intrinsic value or as a hedge during periods of high inflation. Investors can acquire physical silver, such as coins or bars, or trade it through exchange-traded funds that track its price on international markets.

Silver prices fluctuate due to various factors, including geopolitical instability, fears of deep recession, low interest rates, US Dollar behavior, investment demand, mining supply, and recycling rates. Silver's usage in industries like electronics and solar energy, where it boasts one of the highest electric conductivities among metals, can also influence its price.

Silver often mirrors gold's movements, as both are considered safe-haven assets. The Gold/Silver ratio may assist in evaluating the relative valuation of the two metals, with a high ratio potentially signifying undervalued silver or overvalued gold.