Silver Prices Rise to US$23.21 per Troy Ounce (Tuesday, August 8, 2023)

Silver prices rose in transactions on Tuesday, August 8, 2023. Today's silver price traded at US$23.21 per troy ounce. This is higher than the previous day's trade, which was at US$23.19 per troy ounce. This current situation is similar to the previous trend of shrinking silver prices.

Over the past week, silver prices have slowed by 7.07 percent, with an average daily transaction price of US$23.67 per troy ounce. As a result, throughout 2023, silver prices have fallen 4.61 percent from their year-start position of US$24.33 per troy ounce. From its highest price this year of US$26.36 per troy ounce, the price of silver has fallen 11.95 percent.

Annually, the average silver price trade 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 April 2023 at US$25.19 per troy ounce.

According to records from the Ministry of Energy and Mineral Resources (ESDM), some silver-producing regions in Indonesia include Bengkalis Regency (Riau), Bontang City (East Kalimantan), Pulau Laut (South Kalimantan), Sambas Regency (West Kalimantan), and Bolaang Mongondow Regency (North Sulawesi).

Indonesia had silver ore reserves of 2.8 billion tons in 2020. These reserves are estimated to last until 2234.