US silver prices (XAG/USD) were roughly steady on Thursday, according to FXStreet data. Silver prices at $27.93 per troy ounce, unchanged from Wednesday.Silver prices have risen 9.65% since the beginning of the year.
The Gold/Silver ratio, which displays the number of troy ounces of silver required to equal the value of one troy ounce of gold, was 83.46 on Thursday, down from 83.63 on Wednesday.
Investors may use this ratio to estimate the relative value of gold and silver. Some may view a high ratio as an indication that Silver is undervalued – or Gold is overvalued – and hence buy or sell Silver accordingly. In contrast, a low ratio may indicate that gold is undervalued in comparison to silver.
Despite the US dollar’s decline on Thursday, the Comex silver price remains below $28.00.Precious metals traders ignore the US inflation news, which came in higher than predicted.Data released overnight revealed stronger US inflation in March, reducing the likelihood of a rate drop in June. Core CPI rose 0.4%, exceeding expectations of a 0.3% increase.