Silver Prices Rise to US$21.082 per Troy Ounce (Tuesday, November 29, 2022)

Silver prices rose in transactions on Tuesday, November 29, 2022. Today's silver price trading was recorded at US$ 21.082 per troy ounce. This figure is higher than the previous day's trading, which was at US$ 20.93 per troy ounce. The current situation is similar to the previous silver price movements, which are in an upward trend.

Over the past week, silver prices have grown by 1.01 percent, with an average daily transaction price of US$ 21.24 per troy ounce. As a result, throughout 2022, silver prices have fallen by 7.58 percent from their year-start position of US$ 22.81 per troy ounce. From its highest price this year of US$ 26.89 per troy ounce, the price of silver has fallen by 21.61 percent.

Annually, the average silver price trading over the past five years has been in an upward trend. Meanwhile, for monthly price monitoring, transactions in the last 12 months have tended to decline. The highest average monthly price of silver was recorded in March 2022 at US$ 25.46 per troy ounce.

Silver is a type of non-corrosive metal, making it considered a precious metal with high market value. Although its price is still far below that of gold, silver is often favored 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.