US Silver prices (XAG/USD) broadly unchanged on Thursday, according to FXStreet data. Silver trades at $27.93 per troy ounce, steady from Wednesday.Silver prices have increased by 9.65% since the beginning of the year.
The Gold/Silver ratio, which shows the number of troy ounces of Silver needed to equal the value of one troy ounce of Gold, stood at 83.46 on Thursday, down from 83.63 on Wednesday.
Investors might use this ratio to determine the relative valuation of Gold and Silver. Some may consider a high ratio as an indicator that Silver is undervalued – or Gold is overvalued – and might buy Silver or sell Gold accordingly. Conversely, a low ratio might suggest that Gold is undervalued relative to Silver.
Comex Silver price holds correction below $28.00 despite the retreat in the US Dollar on Thursday.Precious metals’ traders overlook the US inflation report that came in hotter than expected.Data overnight showed higher US inflation in March, decimating the chance of a rate cut in June. Core CPI advanced 0.4%, above forecasts of a 0.3% rise.
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