Silver Price OutlookSilver prices fell at the outset of October due to reduced demand for safe-haven assets. On 6 October, silver closed the trading day at USD 16.8 per troy ounce, which was down 6.5% from the same day in September. The price was 4.8% higher on a year-to-date basis, but was down 3.1% from the same day in 2016. The release of strong U.S. employment data in September raised expectations of another rate hike by the Federal Reserve, which is due to meet on 31 October–1 November, before the end of the year, strengthening the U.S. dollar and driving down the purchase of the precious metal as a safe haven asset and thus causing prices to plunge. Despite the recent price drop, demand for silver is expected to remain resilient amid mounting geopolitical tensions worldwide, notably in the Korean Peninsula. Reports indicate that sales of silver coins, together with industrial demand for the metal, are already beginning to pick up. Further adding to upward price pressures, underinvestment in the industry is expected to keep production subdued this year and support moderate price gains. Some of the world’s top silver producers have seen their silver output plummet.
Silver Price History Data (USD per troy ounce, aop)
Price forecasts and historical data for Energy, Metals and Agricultural Commodities.
Silver Historical Price Chart
Price forecasts and historical data for Energy, Metals and Agricultural Commodities
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