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Silver Prices

Prices for silver eased in September compared with August. Silver prices averaged USD 23.2 per troy ounce in September, down 1.2% from August’s price but 22.4% higher year on year. Meanwhile, on 29 September, silver traded at USD 22.4 per troy ounce, 8.6% lower month on month.

Average silver prices experienced a slight dip in September compared to August, knocked by expectations of higher-for-longer interest rates amid the recent monetary policy decisions of major central banks. In particular, the U.S. Federal Reserve is now seen maintaining high interest rates for an extended period, prompting investors to shift away from silver. Additionally, the rise in Treasury yields and a stronger U.S. dollar reduced demand for the metal by increasing the opportunity cost of holding precious metals and raising the cost of silver for holders of other currencies. In contrast, silver’s safe-haven attributes amid the looming risk of a U.S. government shutdown in early October likely supported demand and minimized the price decline. Similarly, heightened demand from the electric vehicle industry helped counteract the downward pressure on prices.

This chart displays Silver (US$/toz) from 2021 to 2023.

Handy & Harman Silver (prices in US$/toz, aop)

Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022
Handy & Harman Silver - - - 23.36 24.05 22.66 19.26 21.30

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Price forecasts and historical data for Silver.

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