Average silver price up 21% in 2024, says Silver Institute

Demand for silver in the PV industry hit 197. 6 million ounces in 2024, according to a new report from the Silver Institute. It says the average silver price stood at $28. 27 per troy ounce last year, up from $23. 35 in 2023. Global silver demand decreased by 3% to 1. 16 billion ounces in 2024, according to the "World Silver Survey 2025" report, recently published by the Silver Institute. "The impact of US tariffs will be a key risk to silver demand this year," the Silver Institute said. "An extended period of elevated tariffs, or a further escalation of global trade wars, could lead to significant ...

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