Silver prices (XAG/USD) rose on Thursday, according to FXStreet data. Silver trades at $28.49 per troy ounce, up 1.03% from the $28.20 it cost on Wednesday.
Silver prices have increased by 11.86% since the beginning of the year.
Unit measure Today Price
Silver price per troy ounce $28.49
Silver price per gram $0.92
The Gold/Silver ratio, which shows the number of troy ounces of Silver needed to equal the value of one troy ounce of Gold, stood at 83.54 on Thursday, down from 83.72 on Wednesday.
Investors might use this ratio to determine the relative valuation of Gold and Silver. Some may consider a high ratio as an indicator that Silver is undervalued – or Gold is overvalued – and might buy Silver or sell Gold accordingly. Conversely, a low ratio might suggest that Gold is undervalued relative to Silver.
Global Market Movers: Comex Silver price makes another headway toward $29.00
Silver price extends its upside around $28.50 in Thursday’s early European session.
Rising industrial demand and ongoing tensions in the Middle East benefit the white metal.
ANZ commodity analysts said that Silver still has significant potential, even after hitting solid resistance at $29.90 last week.
The higher chance that the Fed will delay its easing cycle might cap the upside of the ilver price.
Fed Cleveland President Loretta Mester said on Wednesday that inflation is higher than anticipated and the Fed needs more confidence in its trajectory.
Earlier this week, Fed Chair Jerome Powell emphasized that he will wait for more evidence to gain confidence that inflation is headed toward the central bank’s 2% goal before lowering borrowing costs.
