Silver Prices Bounce Back with 1.18% Gain on Friday

Silver prices rose by 1.18% on Friday to $64.60 per troy ounce, according to FXStreet data. This increase comes after a 9.12% decline in value since the beginning of the year.

The Gold/Silver ratio stood at 66.48 on Friday, down from 66.96 on Thursday. This ratio indicates the number of ounces of Silver needed to equal the value of one ounce of Gold.

Silver's price movements are influenced by various factors, including geopolitical instability, interest rates, and the US Dollar's performance. As a safe-haven asset, Silver tends to rise in times of economic uncertainty or recession, although to a lesser extent than Gold. Its abundance also affects its value, as it is much more readily available than Gold.