Silver Prices

Silver prices averaged USD 24.53 per troy ounce in March, up 8.3% from February. On 29 March, the commodity traded at USD 24.80 per troy ounce, up 9.6% from 29 February.

Silver prices rose from February’s average in March, fueled by signs of recovery in the Chinese economy and increased safe-haven demand amid mounting geopolitical tensions in the Middle East. Stronger-than-expected U.S. manufacturing and inflation data, a weaker U.S. dollar—which made the metal less expensive—and recovering electric vehicle demand added further momentum. That said, higher U.S. treasury bill yields capped the increase in prices by driving up the opportunity cost of holding silver.