Silver Prices Rise for the Past Eight Days

Investing.com notes that the price of silver today rose 0.46 percent to US$25.41 per troy ounce. This price increase is relatively high compared to the average price movement over the past week.

Throughout this week, the price of silver saw its highest surge on Monday, November 27, 2023, at 1.15 percent. It has strengthened by 4.45 percent compared to its year-to-date position.

The current situation complements the upward trend in silver prices over the past eight days.

Over the past week, silver prices have grown by seven percent, with an average daily transaction price of US$24.87 per troy ounce. Compared to its position 30 days ago, the price of silver has grown by 11.57 percent. Even from its highest price this year at US$26.36 per troy ounce, the price of silver has fallen by 3.6 percent.

Annually, the average trading price of silver over the past five years has been on an upward trend. Meanwhile, for monthly price monitoring, transactions in the last 12 months have tended to increase. The highest average monthly price of silver was recorded in December 2023 at US$25.41 per troy ounce.

The Ministry of Energy and Mineral Resources (ESDM) also notes that Indonesia had silver ore reserves of 2.8 billion tons in 2020. The lifespan of these reserves is estimated to be up to 214 years (until 2234).

Several silver-producing areas in Indonesia include Bengkalis Regency (Riau), Bontang City (East Kalimantan), Pulau Laut (South Kalimantan), Sambas Regency (West Kalimantan), and Bolaang Mongondow Regency (North Sulawesi).