Commodities
Silver
A precious metal with substantial industrial demand, typically more volatile than gold.
Silver chart
- Spot metal
- Intraday · may be delayed
- OANDA:XAGUSD
Spot silver (XAG/USD) quoted by OANDA in US dollars per troy ounce. Spot quotes differ from COMEX silver futures (SI).
About the Silver
Silver trades alongside gold in the London OTC market and on COMEX. It is quoted as XAG/USD in US dollars per troy ounce.
Unlike gold, a large share of silver demand is industrial — electronics, solar panels and other uses — so silver responds to both precious-metal drivers (real yields, the dollar) and the manufacturing cycle.
Silver's smaller market size makes it more volatile than gold. Traders often watch the gold/silver ratio as a gauge of relative value.
What moves Silver
Common drivers. None of them determine price on their own.
- Gold and real yields
- Silver frequently moves with gold, so the same rate and dollar drivers apply — usually with a larger percentage move.
- Industrial demand
- Manufacturing activity and solar installation trends affect physical demand. ISM manufacturing and Chinese industrial data can matter.
- Liquidity
- A thinner market can produce sharp moves when positioning is crowded.
Silver trading hours
Regular schedules in US Eastern time unless noted. Holidays and early closes are not shown.
| Venue | Hours | Note |
|---|---|---|
| Spot silver (OTC) | Approx. Sun 6:00 p.m. – Fri 5:00 p.m. ET | — |
| COMEX silver futures (CME Globex) | Sun–Fri 6:00 p.m. – 5:00 p.m. ET (daily 5:00–6:00 p.m. ET break) | — |
Economic events that matter for Silver
Why each release can move this market. Reactions depend on the surprise versus expectations and on the backdrop.
| Event | Why it can matter for Silver |
|---|---|
| CPI Next: | Silver tends to follow gold on inflation news through real yields and the dollar, often with larger percentage moves because the market is smaller and more volatile. |
| FOMC Next: | Like gold, silver is sensitive to real rates and the dollar around Fed decisions; its industrial demand adds a growth angle, so a policy outlook seen as hurting growth can weigh on it more than on gold. |
| ISM Mfg Next: | Roughly half of silver demand is industrial (electronics, solar panels), so manufacturing surveys can matter for silver in a way they usually don't for gold. |
Silver FAQ
Why is silver more volatile than gold?
The silver market is much smaller than gold, and a large share of demand is industrial and cyclical. Both factors tend to produce bigger percentage moves.
What is the gold/silver ratio?
It is the gold price divided by the silver price — how many ounces of silver buy one ounce of gold. Traders use it to compare the two metals, but it has no fixed 'normal' level.