Silver Price This Morning Traded at US$24.16 per Troy Ounce (Friday, December 29, 2023)

Investing.com notes that the price of silver today fell 0.06 percent to US$24.16 per troy ounce. This price drop is relatively significant compared to the average price movement over the past week.

This week, silver prices saw their highest surge on Wednesday, December 27, 2023, reaching 0.71 percent. However, it has weakened by 0.7 percent compared to its year-start position.

The current situation continues the downward trend in silver prices over the past two days.

Over the past week, silver prices have slowed by 1.92 percent, with an average daily transaction price of US$24.42 per troy ounce. Compared to its position 30 days ago, however, the price of silver has grown by 1.73 percent. From its highest price this year at US$26.36 per troy ounce, the price of silver has fallen 8.35 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 over the past 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 remains significantly 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 last year was 8.3 million ounces.