As of the latest update on November 29, 2024, at 6:14:42 AM ET, the spot price of silver is $30.94 per ounce.
Understanding Silver Spot Prices
The spot price represents the current market price at which silver can be bought or sold for immediate delivery. It fluctuates constantly throughout the trading day due to a variety of global economic factors, supply and demand, and market sentiment. The prices provided here reflect a specific moment in time and are typically used as a benchmark for dealers and investors.
Current Silver Prices
Here's a detailed breakdown of silver's current spot prices across different weight measurements:
| Unit | Price (USD) | 24-Hour Change (USD) |
|---|---|---|
| Per Ounce | $30.94 | $0.60 |
| Per Gram | $0.99 | $0.02 |
| Per Kilo | $994.74 | $19.29 |
These figures were last updated on 11/29/2024 6:14:42 AM ET.
Factors Influencing Silver Prices
Several key factors contribute to the dynamic nature of silver prices:
- Supply and Demand: Changes in mining output, industrial demand (e.g., electronics, solar panels), and investment demand (e.g., silver bullion, coins) directly impact prices.
- Economic Indicators: Inflation concerns, interest rates, and the strength of the U.S. dollar can significantly affect silver's appeal as a safe-haven asset or an industrial commodity.
- Geopolitical Events: Global instability or major political events often lead investors to seek refuge in precious metals like silver, driving prices up.
- Market Speculation: Trading activities and investor sentiment in futures markets also play a role in short-term price movements.
For the most up-to-the-minute information and historical data, you can often find live metal spot prices from reputable sources such as APMEX's silver price charts.
Practical Insight: Why Different Units Matter
Understanding prices per ounce, gram, and kilogram is crucial for various buyers:
- Ounce: This is the most common unit for individual investors purchasing silver bullion, rounds, or coins. Most retail prices are quoted per troy ounce.
- Gram: Useful for smaller purchases, jewelry, or for those in regions where the metric system is primary.
- Kilogram: Often preferred by larger institutional investors or those making substantial bulk purchases, offering a more consolidated price for significant quantities.
Knowing these different unit prices allows investors to compare and calculate the value of their holdings accurately, whether they are buying small silver pieces or large bars.
