Silver Price Falls to US$21.99 per Troy Ounce (Monday, October 9, 2023)

Silver prices fell on Monday, October 9, 2023. Today's silver price traded at US$21.99 per troy ounce, lower than the previous day's US$22.012 per troy ounce. This reflects the ongoing downward trend in silver prices.

Over the past week, silver prices increased by 2.67 percent, with an average daily trading price of US$21.58 per troy ounce. However, year-to-date, silver prices have fallen 9.6 percent from their beginning-of-year level of US$24.33 per troy ounce. Compared to this year's high of US$26.36 per troy ounce, the price has dropped 16.56 percent.

The five-year average annual silver trading price shows an upward trend. Meanwhile, monthly price monitoring over the past 12 months indicates an upward trend. 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, with production reaching 178.1 million ounces in 2020.

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