What is the Silver Price Today? Understanding the Market
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Silver is among the most widely utilized and essential precious metals in modern society, according to The Silver Institute, which has dubbed the metal as “The Element of Change.”1 It was most likely mined in Turkey around 5,000 years ago. During the discovery of America, large deposits of silver were found in North and South America.2 This provided the foundation for centuries of trade, making it important to understand the silver price.
Silver has been described as beautiful, valuable, malleable, and durable. It is considered the best conductor of electricity, withstands high temperatures, and is a great conductor of heat.1
Silver was used in the Greek and Roman empires to prevent infections,1 and as a disinfectant for water and food.3 Because of its antibacterial properties, it is used for cutlery, bandages, and medical devices.2
Less than 30 percent of the silver produced comes from silver mines. Most of the silver produced is actually by-product of mining for gold, copper, lead, and zinc.1
For most of human history, silver has been used for coins and jewelry. Other uses include medicine, electronics, and photography.2
Price of Silver: Factors that Influence Silver’s Value
Silver, like gold, is considered a commodity. As such, the silver spot price is driven by supply and demand, as well as speculation and market influences.
Here are some factors that affect the price of silver:
The value of the dollar: When looking at the relationship of silver price to the dollar’s value, when the dollar of the value drops, the price of silver generally rises. Silver is viewed as a hedge against inflation.6
Supply and demand: Generally, silver prices rise with increased demand or reduced supply.4
Inflation: High inflation leads to a higher silver price per ounce as the dollar’s purchasing power weakens. Low inflation strengthens the dollar and lowers silver prices.4
Mining productivity: While silver is relatively rare, silver mining is not the only source of silver. It is also the by-product of refining other ores like gold, copper, lead, and zinc, which adds to the physical silver supply when silver mining is down.
Current Market: The Gold Price vs. the Silver Price
The live silver spot price has demonstrated substantial fluctuations over the past 50 years, but it has experienced a bit of stability since 2020 with prices in the low- to mid-$20s.
The trajectory of the silver prices often tracks that of the price of gold, however, at a much lower rate.4
As of April 29, 2025, the price of silver is $32.97 per ounce whereas the price of gold per ounce $3,309.90 (per Kitco).
What is the silver spot price?
When people ask what is the cost of silver, they are usually asking about the silver spot price. The spot price of silver is what an investor will pay to buy one troy ounce of silver at that moment.
Per Kitco, the price of silver is $32.97 per ounce as of April 29, 2025.
How the Silver Spot Price is Calculated
While the spot price is influenced by many factors like economic indicators, geopolitical events, industrial demand, investor sentiment, and currency movements, it is primarily set by trading on global commodities exchanges, with the most significant being the London Bullion Market Association (LBMA) and the Chicago Mercantile Exchange (CME).
Silver futures and derivatives also play a role in determining the silver price. The spot price is updated continuously throughout the trading day as trades occur, reflecting the real-time market conditions.8
Silver Price History and Silver Market Trends
Silver prices have exhibited a long-term upward trend, rising from $1.80 in 1969 to $23.39 in 2023. The highest average annual closing price was recorded in 2011 at $35.12 during a period of global financial instability.
A notable peak in the silver market was recorded in 1980 with a record high of $49.45 per troy ounce, influenced by the Silver Thursday crash. However, this period also saw significant volatility, with a drastic 51.86% drop in 1980 following a 434.88% rise in 1979, based on an analysis of historical silver prices.9
Silver Price FAQs
The price of silver is determined by various factors such as supply and demand, economic indicators, geopolitical events, and market speculation. This causes the silver price to change every day. As of April 29, 2025, the price of silver is $32.97 per ounce.
What is silver selling for? How much is 1oz silver worth today?
As of April 29, 2025, the price of silver is $32.97 per ounce.
What is a troy ounce of silver?
A troy ounce is roughly 31.1 grams. By comparison, a regular ounce is 28.35 grams. The spot price of silver is based on a troy ounce. Per Kitco, the price of silver is $1.06 per gram as of April 29, 2025.
What does the spot price for silver mean?
The spot price for silver refers to the current market rate at which one troy ounce of physical silver can be bought or sold for immediate delivery. This price is determined in real time through global commodities trading on exchanges like the London Bullion Market Association and the Chicago Mercantile Exchange.
Sources:
1. The Silver Institute – Silver: The Element of Change, https://www.youtube.com/watch?v=jRwUmGpmF38. Retrieved Dec. 26, 2023.
2. Wikipedia – Silver, https://en.wikipedia.org/wiki/Silver. Retrieved Dec. 26, 2023.
3. National Center for Biotechnology Information – Silver: an age-old treatment modality in modern times, https://pubmed.ncbi.nlm.nih.gov/20543642. Retrieved Dec. 26, 2023.
4. Wikipedia – Silver as an investment, https://en.wikipedia.org/wiki/Silver_as_an_investment. Retrieved Dec. 27, 2023.
5. The Silver Institute – Silver Price, https://www.silverinstitute.org/silver-price. Retrieved Dec. 27, 2023.
6. MacroMicro – US: Dollar Index vs. Silver Price, https://en.macromicro.me/collections/3351/commodity-silver/26720/us-dollar-index-vs-price. Retrieved Dec. 27, 2023.
7. The Silver Institute – Silver Supply & Demand, https://www.silverinstitute.org/silver-supply-demand. Retrieved Dec. 27, 2023.
8. Bullion By Post – How is the price of silver set?, https://www.bullionbypost.co.uk/index/silver/how-is-the-price-of-silver-set. Retrieved Dec. 27, 2023.
9. Macrotrends – Silver Prices – 100 Year Historical Chart, https://www.macrotrends.net/1470/historical-silver-prices-100-year-chart. Retrieved Dec. 27, 2023.
10. Seeking Alpha – Silver May Surge To $100 Thanks to AI, https://seekingalpha.com/article/4654303-silver-may-surge-to-100-thanks-to-ai. Retrieved Dec. 27, 2023.
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