XAG/USD falls 0.47% on Wednesday, extending its 2024 loss to 1.95% amid a stronger USD and shifting investor demand.
Silver prices declined to $69.70 per troy ounce, down 0.47% from Tuesday’s $70.03 close. The drop extends the metal’s year-to-date loss to 1.95%, reflecting subdued investor appetite and a firmer US Dollar.
The Gold/Silver ratio rose to 62.04, up from 61.85 on Tuesday, signaling relative weakness in silver compared to gold. Factors influencing the move include geopolitical stability, lower interest rate expectations, and supply dynamics, as silver remains more abundant than gold.
Traders often use silver as a portfolio diversifier or hedge against inflation, though its performance lags gold during safe-haven rallies. The metal’s price is also sensitive to USD strength, with a weaker dollar typically supporting higher valuations.