Silver prices averaged USD 37.80 per troy ounce in July, up 4.7% from June. On 31 July, the commodity traded at USD 36.75 per troy ounce, up 1.9% from 30 June.
In July, silver prices extended June’s gains and hit the highest levels since 2011. The rise was driven by worries about U.S. tariffs ahead of Trump’s 1 August deadline, signs of high liquidity in the spot market, and growing investor interest in alternatives to gold—with the price ratio between gold and silver at some of the highest levels in the post-Covid era despite easing. That said, U.S. trade deals with major trading partners weighed on prices at the end of the month by reducing safe-haven demand.
This chart displays Silver (US$/toz) from 2023 to 2025.
Handy & Harman Silver (prices in US$/toz, aop)
| Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Handy & Harman Silver | - | - | 23.56 | 23.26 | 23.37 | 28.81 | 29.45 | 31.32 | 31.86 | 33.78 | - | - |