Silver prices decreased to $31.76 per troy ounce, reflecting a drop of 0.18% from $31.81 the previous day. Since the start of the year, prices have risen by 9.91%.

The Gold/Silver ratio was recorded at 90.92, down from 91.68 a day earlier. It indicates the number of Silver ounces needed to equate to the value of one Gold ounce.

Silver holds value in various industries, particularly electronics and solar energy, where increased demand can drive prices up. Economic dynamics in the US, China, and India also impact Silver’s market behaviour.

Silver typically follows the trends of Gold, with price movements often mirroring each other. The Gold/Silver ratio serves as a tool for assessing the relative valuations of the two metals.

The slight drop in Silver prices to $31.76 per troy ounce, despite a nearly 10% gain since January, suggests that market movements are not shifting in just one direction. Small day-to-day changes like this can be driven by a mix of investor sentiment, profit-taking, or short-term shifts in supply and demand. Given how Silver is used in technology and solar energy, any adjustments in these industries—whether it’s new regulations, a slowdown in production, or fresh investment—can push prices up or down.

One aspect that stands out is the Gold/Silver ratio falling from 91.68 to 90.92. This suggests that Silver held its ground better than Gold did over the same period. The ratio is often used to spot market trends, with traders watching it closely to gauge whether one metal is more “underpriced” compared to the other. Historically, a high ratio has led some to believe Silver could see more aggressive buying momentum, especially if market participants think it is undervalued relative to Gold.

The role of major economies cannot be overlooked. The US, China, and India play a decisive role in how Silver behaves in trading markets. Whether it is strong manufacturing trends in China, changing jewellery demand in India, or economic indicators in the US, external influences shape how Silver is valued. This should be considered when weighing up potential movements in the weeks ahead.

Silver is still moving in line with Gold, which it tends to follow, reinforcing the well-known trend where broader sentiment towards precious metals affects both in similar ways. Those assessing future price action must consider how Gold reacts to inflation data, interest rate decisions, and macroeconomic indicators because these factors often set the tone for Silver as well. The ratio between the two remains a useful reference point, offering another perspective beyond just watching price charts.

Going forward, traders must factor in not only the supply-demand side of Silver but also larger trends that drive sentiment across the entire metals market. Prices do not move in isolation, and even small adjustments—whether in industrial demand, central bank policies, or investment activity—can shift momentum quickly.