Silver Prices

Silver prices averaged USD 58.98 per troy ounce in July, down 12.1% from June. On 31 July, the commodity traded at USD 57.35 per troy ounce, down 3.5% from 30 June.

Average silver prices recorded the steepest decline among precious metals for a second consecutive month following May’s brief rebound. The pullback reflected shifting U.S. rate expectations, with markets pricing in higher-for-longer interest rates, hurting the non-yielding metal’s value. Moreover, concerns over slowing weaker industrial demand added downward pressure on the metal. Still, the fall was cushioned by tight supply and softer-than-expected U.S. June inflation data.