2024 Silver Price Per Troy Ounce: Historical Trends

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Source: BullionByPost
Publication Date: November 2024
Region: Worldwide
Survey time period: November 2024 Note: 1st Day Adj Closing Price Of Each Month Is Used for Analysis

Analysis of 2024 Silver Price Per Troy Ounce Trends

The silver market in 2024 has seen notable price fluctuations driven by a combination of factors including inflationary pressures, global economic uncertainties, and changes in investor sentiment. Here's a breakdown of the key trends observed from the monthly silver price data for the year:

January to March: Initial Stabilization and Minor Declines

• The year began with silver priced at $23.95 per troy ounce in January. The first quarter saw a slight decline in February to $22.67, followed by a minor recovery in March to $22.72.
• These early-month declines can be attributed to the market's response to inflation data and concerns over global economic growth. Investors were likely cautious, leading to subdued demand for silver.

April to June: Steady Recovery and Growth

• The price began to rise significantly in April, reaching $25.65, and continued to climb in May to $26.48. This uptick is reflective of growing concerns over inflation and a weakening dollar, which typically benefits precious metals like silver.
• By June, silver peaked at $30.37, marking a 21% increase from the beginning of the year. This surge suggests increasing interest in silver as a hedge against inflation and geopolitical risks. Market uncertainty during this period likely pushed investors towards safe-haven assets, driving up demand for silver.

July to August: Volatility and Slight Contraction

• In July, silver traded at $29.25, slightly down from June, reflecting some market volatility. This was followed by a slight dip to $28.88 in August.
• The contraction in these months could be linked to a slight stabilization in global economic conditions, alongside changes in monetary policies by major central banks. Investors might have pulled back slightly, adjusting their portfolios as the economic outlook showed some signs of improvement.

September to November: Strong Upward Momentum

• The final quarter of the year saw silver prices picking up again. In September, silver was priced at $28.62 and continued its climb throughout October to $31.36.
• November showed a notable increase to $32.80, a dramatic rise that marked a high for the year. This rally could be attributed to ongoing inflation concerns, a weaker dollar, and increasing demand for precious metals as safe-haven assets amid geopolitical tensions and market volatility.

Outlook for Silver in 2024 and Beyond

As 2024 progresses, the silver market remains highly responsive to economic factors such as inflation, interest rates, and global political developments. The steady rise in silver prices this year suggests that investors continue to view silver as a reliable store of value in uncertain times. The strength of the dollar and any significant geopolitical developments, such as the outcomes of the upcoming U.S. elections or central bank policy changes, will likely continue to influence silver's price trajectory.

In conclusion, the 2024 silver price per troy ounce has shown a trend of steady increases with notable volatility throughout the year. With inflation concerns still prominent and market uncertainty persisting, silver is likely to maintain its position as a favored investment asset in the second half of the year.