Silver Price This Morning Traded at US$ 23.25 per Troy Ounce (Wednesday, October 18, 2023)

Silver prices rose for transactions on Wednesday, October 18, 2023. Today's silver price traded at US$23.25 per troy ounce. This is higher than the previous day's trade, which was at US$22.98 per troy ounce. The current situation reverses the downward trend in silver prices over the past two days.

Over the past week, silver prices have increased by 5.92 percent, with an average daily transaction price of US$22.69 per troy ounce. Compared to its position 30 days ago, the price of silver has grown by 0.31 percent. However, from its highest price this year of US$26.36 per troy ounce, the price of silver has fallen by 11.78 percent.

Annually, the average silver price trade over the past five years has shown an upward trend. Meanwhile, for monthly price monitoring, transactions in the last 12 months have tended to increase. The highest average monthly price for silver was recorded in April 2023 at US$25.19 per troy ounce.

Silver is a non-corrosive metal, considered a precious metal with high value. Although its price is still far below that of gold, silver is popular as a raw material for various products, such as jewelry.

According to Statista, Mexico is the world's largest silver producer. Silver production in that country reached 178.1 million ounces in 2020.

Indonesia ranks 16th as the world's largest silver producer. Recorded silver production in Indonesia was 8.3 million ounces last year.