Silver Prices

Silver prices averaged higher in April compared with March due to safe-haven demand. Silver prices averaged USD 25.0 per troy ounce in April, which was up 13.8% from March’s price and was 1.7% higher than in the same month last year. Meanwhile, on 28 April, silver traded at USD 25.1 per troy ounce, which was 3.8% higher than on the same day of the previous month.

Silver prices increased during April, partly as a result of safe-haven demand. Investors turned to silver due to uncertainty around the U.S. banking system and commercial real estate. In addition, prices got a boost from a more dovish Fed; at its March meeting, the Bank argued that the recent banking sector tensions could dampen activity and inflation due to a tightening of financial conditions, reducing the need for further hikes down the road. Moreover, the weaker U.S. dollar during April increased silver’s attractiveness to holders of other currencies, while lower average bond yields reduced the opportunity cost of holding the metal. Finally, tight supply and solid industrial demand likely provided further support to prices.