Silver Prices Fall to US$25.9 per Troy Ounce (Monday, December 4, 2023)

Investing.com reports that the price of silver today fell 0.97 percent to US$25.9 per troy ounce. This price drop is relatively significant compared to the average price movement over the past week.

This week, the highest surge in silver prices occurred on Monday, December 4, 2023, at 0.97 percent. Year-to-date, it has strengthened by 6.45 percent.

The current situation is similar to previous silver price movements, which have been on an upward trend.

Over the past week, silver prices grew by 6.17 percent, with an average daily transaction price of US$25.36 per troy ounce. According to Katadata Insight Center (KIC) calculations, year-to-date (YTD), the silver price has increased by 6.45 percent. Even from its highest price this year at US$26.36 per troy ounce, the silver price has fallen by 1.75 percent.

Annually, the average silver trading price 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 for silver was recorded in December 2023 at US$25.85 per troy ounce.

Silver is a non-corrosive metal, considered a precious metal with high market 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 last year was 8.3 million ounces.