Silver Price Falls to 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-to-date 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 the beginning of the year, the price of silver has slowed by 0.7 percent. From its highest price this year at US$26.36 per troy ounce, the price of silver has fallen by 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 in the last 12 months have tended to increase. The highest average monthly price of silver was recorded in April 2023 at US$25.19 per troy ounce.

In 2020, Indonesia recorded silver ore reserves of 2.8 billion tons. The lifespan of these reserves is estimated to be up to 214 years (until 2234).

Some silver-producing areas in Indonesia include Bengkalis Regency (Riau), Bontang City (East Kalimantan), Pulau Laut (South Kalimantan), Sambas Regency (West Kalimantan), and Bolaang Mongondow Regency (North Sulawesi).