Silver prices faced a minor decline on Wednesday, as per data from FXStreet. The precious metal traded at $27.23 per troy ounce, marking a decrease of 0.29% compared to the previous day’s price of $27.31.
Since the commencement of the year, silver prices have exhibited a notable increase of 6.91%.
Concurrently, the Gold/Silver ratio, a metric indicating the number of troy ounces of silver required to match the value of one troy ounce of gold, climbed to 85.16 on Wednesday, up marginally from 85.02 on Tuesday.
Investors often leverage the Gold/Silver ratio to assess the relative valuation of the two metals. A higher ratio may signal that silver is undervalued or that gold is overvalued, prompting potential shifts in investment strategies. Conversely, a lower ratio may suggest that gold is undervalued in comparison to silver.
