Silver Prices

Silver prices averaged USD 32.94 per troy ounce in May, up 1.6% from April. On 30 May, the commodity traded at USD 33.35 per troy ounce, up 1.5% from 30 April.

Silver prices rose from April’s average in May but oscillated throughout. President Trump’s erratic trade policy sporadically ignited market concerns over silver’s industrial sector demand, which forms around half of total demand. Still, prices quickly rallied after each dip, bolstered by weaker USD, strong demand for jewelry and safe-haven assets, the rollback of some U.S. tariffs—notably on China—and a judicial ruling that Trump’s “reciprocal” tariffs were illegal.