Silver Price Plunges 1.59% as Yearly Decline Reaches 18.29%

Silver prices took a hit on Friday, according to FXStreet data. The precious metal traded at $58.08 per troy ounce, down 1.59% from Thursday's price of $59.02.

This decline brings the year-to-date decrease in silver prices to 18.29%. The Gold/Silver ratio, which measures the number of ounces of silver needed to equal the value of one ounce of gold, stood at 69.84 on Friday, up from 68.53 on Thursday.

Silver is widely used in industry due to its high electric conductivity and has historically been a store of value and medium of exchange. Investors can buy physical silver or trade it through vehicles such as Exchange Traded Funds (ETFs) that track its price on international markets.