Silver Prices Fall to US$23.73 per Troy Ounce (Friday, November 24, 2023)

Silver prices fell on Friday, November 24, 2023. Today's silver price traded at US$ 23.73 per troy ounce, lower than the previous day's US$ 23.75 per troy ounce. This is similar to the previous upward trend in silver prices.

Over the past week, silver prices have slowed by 0.83 percent, with an average daily transaction price of US$ 23.74 per troy ounce. According to Katadata Insight Center (KIC) calculations, year-to-date (YTD), silver prices have fallen by 2.44 percent. The highest trading value for silver this year was US$ 26.36 per troy ounce, recorded on Thursday, May 4, 2023.

Annually, the average silver price trade over the past five years has shown an upward trend. However, monthly price monitoring over the past 12 months shows a decline. 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 lower than 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, producing 178.1 million ounces in 2020.

Indonesia ranks 16th as the world's largest silver producer, with a recorded silver production of 8.3 million ounces last year.