The current value of 1 oz of silver is $29.8.
Understanding Silver's Spot Price
The worth of an ounce of silver is typically determined by its spot price, which represents the current market price at which silver can be bought or sold for immediate delivery. This price fluctuates based on global supply and demand, economic indicators, and geopolitical events.
As of December 24, 2024, at 09:47 EST, the silver spot prices were as follows:
| Unit | Price |
|---|---|
| Per Ounce | $29.80 |
| Per Gram | $0.96 |
| Per Kilogram | $958.09 |
It's important to note that while the spot price provides a benchmark, the actual price you pay when purchasing silver bullion or coins may include additional costs such as premiums charged by dealers, fabrication costs, and shipping fees. Similarly, when selling silver, the buy-back price offered by dealers will often be slightly below the spot price.
Factors Influencing Silver Value
- Market Demand: Industrial uses, investment demand, and jewelry fabrication all contribute to overall demand.
- Supply: Silver mining output and recycled silver supply impact its availability.
- Economic Conditions: During times of economic uncertainty, silver often acts as a safe-haven asset, increasing its demand and price.
- Currency Strength: As silver is priced in U.S. dollars, a stronger dollar can make silver more expensive for buyers using other currencies, potentially impacting demand.
Knowing the spot price is essential for investors and collectors to understand the base value of their silver holdings.
