Silver Prices

Silver prices averaged USD 28.53 per troy ounce in August, down 4.2% from July. On 30 August, the commodity traded at USD 28.98 per troy ounce, up 0.6% from 31 July.

In August, silver prices fell from their prior month’s average for the first time in six months. Muted economic activity in top consumer China and lower global electric vehicle demand likely sapped some of the previous month’s gains. More positively, surging silver imports from India and the country’s decision to lower import taxes for the metal in July and stronger demand from the solar industry capped the downturn. Moreover, a weaker USD and a monthly dip in U.S. treasury yields boosted investment demand.