Silver increased 4.76 USD/t. oz or 16.49% since the beginning of 2025, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Silver - values, historical data, forecasts and news - updated on March of 2025.

The price of an ounce of silver increased sharply in 2021, rising around 17 percent from January 28 to February 1. The cause of this increase is attributed to retail investors mobilized via social media with the intention of causing losses to professional investors, similar to the rise in the stock price of video game retailer GameStop, and the stock price of cinema operator AMC several days beforehand. As of midnight July 18, 2023, the price of silver was trading at 24.9 U.S. dollars per troy ounce.

Dataset of historical annual silver prices from 1970 to 2022, including significant events and acts that impacted silver prices.

Historical dataset of real (inflation-adjusted) silver prices per ounce back to 1915. The series is deflated using the headline Consumer Price Index (CPI) with the most recent month as the base. The current month is updated on an hourly basis with today's latest value.

This statistic depicts the average annual prices for silver from 2014 through 2026*. In 2023, the average price for silver stood at 23.4 nominal U.S. dollars per troy ounce.

During the last quarter of 2024, the silver prices in the USA reached 31.3 USD/toz (H2 2024 Avg Price) in December. As per the silver price chart, prices surged during the latter half of 2024, largely influenced by the Federal Reserve’s interest rate cuts, which diminished the dollar. This shift made silver an attractive investment, particularly as a lower-cost alternative to gold.

Explore IMARC’s newly published report, titled “Silver Prices, Trend, Chart, Demand, Market Analysis, News, Historical and Forecast Data Report 2025 Edition,” offers an in-depth analysis of silver pricing, covering an analysis of global and regional market trends and the critical factors driving these price movements.

In 2005, the annual average price for one ounce of the precious metal silver on the Comex exchange was 7.33 U.S. dollars. By 2023, the annual average price of silver grew to 23.58 U.S. dollars per ounce.

According to Cognitive Market Research, the global silver bullion market size is USD XX million in 2024 and will expand at a compound annual growth rate (CAGR) of 4.00% from 2024 to 2031.

North America held the major market of more than 40% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 2.2% from 2024 to 2031.
Europe accounted for a share of over 30% of the global market size of USD XX million.
Asia Pacific held the market of around 23% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.0% from 2024 to 2031.
Latin America market of more than 5% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.4% from 2024 to 2031.
Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD XX million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.7% from 2024 to 2031.
The US had the most significant global silver bullion market revenue share in 2024.

Market Dynamics of Silver Bullion Market

Key Drivers of Silver Bullion Market

Increasing Demand for Safe Haven Investments

The increasing wish for safe haven investments is driving the market for silver bullion to continue growing. Investors look for assets that deliver stability and wealth preservation throughout difficult economic, geopolitical, and market situations. Due to its inherent worth and historical importance as a wealth vault, silver is drawing more and more attention from investors trying to diversify their holdings and protect themselves from inflation and currency depreciation. The COVID-19 pandemic's aftereffects, trade disputes, and geopolitical tensions have all contributed to the current state of the global economy, which has raised investor anxieties and increased demand for silver bullion. Concerns about possible inflationary pressures are developing as governments execute large stimulus programs and central banks adopt loose monetary policies; this is pushing investors into physical assets like silver.

Increasing Industrial Applications Will Promote Market Expansion

The market for silver bullion is also expected to rise significantly due to the growing number of industrial uses. Due to its special qualities, which include its high conductivity, malleability, and resistance to corrosion, silver is used in a wide range of industries, including electronics, healthcare, automotive, and renewable energy. The industrial demand for silver is anticipated to grow in the upcoming years due to technological developments and advancements boosting demand in developing applications including solar panels, electric vehicles, and 5G technology. Silver's industrial demand is further bolstered by its antibacterial characteristics, which render it increasingly desirable in therapeutic applications. The market for silver bullion is expected to increase steadily as long as industries keep innovating and creating new goods that need silver. Investors who are eager to profit from the growing industrial need for this precious metal will be drawn to this market.

Restraint Factors Of Silver Bullion Market

Volatility in Precious Metal Prices will hinder market growth.

The price volatility of precious metals can have a substantial impact on the development of the silver bullion market. The price of silver can vary due to changes in currency values, geopolitical tensions, and global economic conditions. Investors get indeterminate as a result of these swings, which could make them unwilling to buy silver bullion. Investors who bought silver at higher prices may lose money as a result of abrupt price reductions, which could affect market liquidity and confidence. Businesses that use silver as a raw resource, such as manufacturers, face difficulties due to the unpredictable nature of silver pricing. Businesses may find it challenging to correctly manage expenses and plan production schedules in the face of shifting silver prices. Price variations can disrupt the supply chain, as suppliers and buyers are driving the changing market conditions.

Market participants may use hedging techniques or look for alternate investments to lessen the impact of price volatility, which could result in money being taken out of...

This statistic depicts the average monthly prices for silver worldwide from January 2014 through January 2025. In January 2025, the average monthly price for silver worldwide stood at 30.41 nominal U.S. dollars per troy ounce.

Graph and download economic data for Import Price Index (Harmonized System): Silver (Including Silver Plated with Gold or Platinum), Unwrought or in Semimanufactured Forms, or in Powder Form (IP7106) from Dec 2021 to Feb 2025 about silver, harmonized, imports, price index, indexes, price, and USA.

The unwrought silver price in April 2023 was $869K per ton (FOB, Mexico), representing a 5% increase from the previous month.

In 2023, after three years of growth, there was decline in the global silver market, when its value decreased by -3.7% to $66.7B. Overall, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak level of $112.4B. From 2015 to 2023, the growth of the global market failed to regain momentum.

In 2023, the average nominal price of silver in India was 61,981 Indian rupees for one kilogram, which was a decrease of over 14,000 rupees from the previous year. India was the world's 11th largest silver mining country as of 2021.

Spot Price: Central Bank of Oman: Gold per Ounce: Buy data was reported at 1,157.810 OMR in 25 Mar 2025. This records a decrease from the previous number of 1,159.190 OMR for 24 Mar 2025. Spot Price: Central Bank of Oman: Gold per Ounce: Buy data is updated daily, averaging 524.757 OMR from Dec 2007 (Median) to 25 Mar 2025, with 3798 observations. The data reached an all-time high of 1,171.010 OMR in 20 Mar 2025 and a record low of 0.105 OMR in 02 Jan 2022. Spot Price: Central Bank of Oman: Gold per Ounce: Buy data remains active status in CEIC and is reported by Central Bank of Oman. The data is categorized under World Trend Plus’s Commodity Market – Table OM.P001: Gold and Silver Spot Price. [COVID-19-IMPACT]

Silver futures contracts to be settled in December 2028 were trading on U.S. markets at around 34 U.S. dollars per troy ounce on June 20, 2023. This is above the price of 30.44 U.S. dollars per troy ounce for contracts to be settled in May 2024, indicating silver traders expect the price of silver to decrease over the next five years. Silver futures are contracts that effectively lock in a price for an amount of silver to be purchased at a time in the future, which can then be traded on markets. Futures markets therefore provide an indicator of how investors think a commodities market will develop in the future.

The annual average of London fix price for one ounce of silver in 2023 was 23.35 USD U.S. dollars. The global silver industry Silver is a soft, white, malleable metal that has the highest electrical and thermal conductivity of all metals. Silver is most commonly used to make coins, jewelry, and silverware. It is typically produced as a byproduct of copper, gold, lead, and zinc refining. The estimated global mine production of silver in 2023 was 26,000 metric tons. The leading country in silver production in 2023 was Mexico. In that year, Mexico produced about 6,400 metric tons of silver. Peru had the largest silver reserves worldwide, amounting to 110,000 metric tons as of 2023. Silver in the United States Silver exports from the United States have been fluctuating since 2008. In 2023, the United States exported about 80 metric tons of silver, a significant decrease from the 946 metric tons they exported in 2012. U.S. imports of silver for consumption, meanwhile, amounted to 4,700 metric tons in 2023.

Silver prices have surged recently, driven by dynamics influencing gold. However, analysts remain cautious due to silver's intrinsic volatility and market uncertainties.

Turkey Silver Market: IGE: TRY: Last Trade Day: Weighted Avg Price data was reported at 0.000 TRY/kg in Oct 2018. This records a decrease from the previous number of 2,742.000 TRY/kg for Sep 2018. Turkey Silver Market: IGE: TRY: Last Trade Day: Weighted Avg Price data is updated monthly, averaging 284.000 TRY/kg from Jul 1999 (Median) to Oct 2018, with 232 observations. The data reached an all-time high of 3,084.930 TRY/kg in Aug 2018 and a record low of 0.000 TRY/kg in Oct 2018. Turkey Silver Market: IGE: TRY: Last Trade Day: Weighted Avg Price data remains active status in CEIC and is reported by Borsa Istanbul . The data is categorized under Global Database’s Turkey – Table TR.Z021: Istanbul Gold Exchange: Silver Market.

NCDEX: Spot Price: Silver: New Delhi: First Session data was reported at 98,592.250 INR/kg in 26 Mar 2025. This records an increase from the previous number of 97,087.400 INR/kg for 25 Mar 2025. NCDEX: Spot Price: Silver: New Delhi: First Session data is updated daily, averaging 87,767.000 INR/kg from Jan 2024 (Median) to 26 Mar 2025, with 303 observations. The data reached an all-time high of 100,194.150 INR/kg in 18 Mar 2025 and a record low of 68,902.900 INR/kg in 14 Feb 2024. NCDEX: Spot Price: Silver: New Delhi: First Session data remains active status in CEIC and is reported by National Commodity & Derivatives Exchange Limited. The data is categorized under India Premium Database’s Price – Table IN.PB001: Commodities Spot Price: National Commodity & Derivatives Exchange Limited.

The dataset shows average price in domestic and foreign markets of gold and silver

Note: The data sources are:
1. Gold and Silver Prices in Mumbai: Business Standard, Business Line, or The Economic Times (Mumbai) , IBJA Website.
2. Gold Price in London: LBMA.
3. Silver Price in New York:Thomson Reuters.