Silver prices witnessed a decline in trading on Tuesday. The precious metal is currently trading at $31.47 per troy ounce, marking a 1.05% decrease from the previous day’s rate of $31.80.
Year-to-date, silver prices have exhibited a notable increase, surging by 23.56% since the beginning of the year.
Furthermore, the Gold/Silver ratio, which indicates the quantity of troy ounces of silver required to match the value of one troy ounce of gold, stood at 74.48 on Tuesday, showing a slight uptick from Monday’s figure of 74.02.
Investors often leverage this ratio to assess the relative valuation between gold and silver. A higher ratio may signal that silver is undervalued, prompting investors to consider purchasing silver or selling gold. Conversely, a lower ratio may suggest an undervaluation of gold compared to silver.
