Silver Price Falls to US$22.82 per Troy Ounce (Monday, October 16, 2023)

Silver prices fell on Monday, October 16, 2023. Today's silver price traded at US$22.82 per troy ounce, lower than the previous day's US$22.83 per troy ounce. This continues the downward trend in silver prices over the past two days.

Over the past week, silver prices have risen by 3.68 percent, with an average daily transaction price of US$22.36 per troy ounce. According to Katadata Insight Center (KIC) calculations, year-to-date (YTD), silver prices have fallen by 6.19 percent. Compared to its highest price this year of US$26.36 per troy ounce, silver prices have dropped by 13.41 percent.

Annually, the average silver trading price over the past five years has shown an upward trend. Meanwhile, monthly price monitoring shows an upward trend in transactions over the past 12 months. The highest average monthly price for silver was recorded in April 2023 at US$25.19 per troy ounce.

According to the Ministry of Energy and Mineral Resources (ESDM), 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).

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