Silver Price in March 2023
In March 2023, silver rose 14.9%, from $20.96 at the end of February to $24.08 per troy ounce on March 31, 2023. The highest close was $24.08 on March 31, 2023, the lowest $20.01 on March 8, 2023, and the average over 23 trading days was $21.97. Today's price is 123.5% higher than the March 2023 close.
- Silver rose 14.9% in US dollars in March 2023, leaving it up 0.9% for the year to date.
- Measured in other currencies, the change ranged from +10.9% in ZAR to +25.4% in PKR, because exchange rates moved too.
- It did better than gold (+7.2%) and US stocks (+3.7%), and worse than bitcoin (+23.0%).
- It closed higher on 14 trading days and lower on 9, with an average daily move of 1.45%.
- At the end of the month it was 50.4% below its highest close since 2000.
- Gold/silver ratio: 87.6 → 81.8.
- The biggest reaction to a scheduled US release was to the Fed rate decision and projections on 22 March: +3.7% over two sessions.
Silver price chart, March 2023
US dollars per troy ounce · daily closeSilver in other currencies, March 2023
| Currency | Change in the month |
|---|---|
| PKR | +25.4% |
| TRY | +16.6% |
| AUD | +15.3% |
| CAD | +14.4% |
| INR | +14.1% |
| CNY | +13.6% |
| MXN | +13.1% |
| JPY | +12.2% |
| GBP | +11.8% |
| EUR | +11.8% |
| ZAR | +10.9% |
Price in each currency at each day's exchange rate, previous month-end to this month-end. A weaker currency makes silver rise more in local terms.
Silver vs other assets, March 2023
| Asset | Change (USD) |
|---|---|
| Silver | +14.9% |
| Gold | +7.2% |
| Bitcoin | +23.0% |
| S&P 500 (with dividends) | +3.7% |
| US inflation (CPI, month) | +0.33% |
| Silver, year to date (end of March) | +0.9% |
| Gold/silver ratio | 87.6 → 81.8 |
Month-end to month-end. US CPI is the official monthly index (not seasonally adjusted), published the following month.
The Fed and US Data in March 2023
Scheduled US releases this month and how silver moved. For Fed decisions the move covers two sessions, because the statement comes after the gold futures settle.
| Date | Release | Result | Silver |
|---|---|---|---|
| Fri 10 Mar | Jobs report (February 2023) | — | +1.7% |
| Tue 14 Mar | CPI inflation (February 2023) | — | +0.6% |
| Wed 22 Mar | Fed rate decision + projections | Raised 25 bp (4.75–5.00%) | +3.7% |
Key Events in March 2023
Daily Silver Prices, March 2023
Closing price for every trading day, with the same price in INR and AED at that day's exchange rate.
| Date | Close (USD per oz) | Change | USD per gram | 999 India, ₹ per kg | UAE, AED per kg |
|---|---|---|---|---|---|
| Mar 1Wed | $20.96 | −0.01% | $0.67 | ₹55,684 | AED 2,474.44 |
| Mar 2Thu | $20.77 | −0.92% | $0.67 | ₹55,027 | AED 2,451.65 |
| Mar 3Fri | $21.09 | +1.57% | $0.68 | ₹55,850 | AED 2,490.26 |
| Mar 6Mon | $20.98 | −0.52% | $0.67 | ₹55,127 | AED 2,477.66 |
| Mar 7Tue | $20.05 | −4.43% | $0.64 | ₹52,776 | AED 2,367.59 |
| Mar 8Wed | $20.01 | −0.24% | $0.64 | ₹52,788 | AED 2,361.81 |
| Mar 9Thu | $20.03 | +0.10% | $0.64 | ₹52,770 | AED 2,364.17 |
| Mar 10Fri | $20.38 | +1.75% | $0.66 | ₹53,728 | AED 2,405.49 |
| Mar 13Mon | $21.79 | +6.96% | $0.70 | ₹57,425 | AED 2,572.97 |
| Mar 14Tue | $21.93 | +0.62% | $0.71 | ₹58,107 | AED 2,588.88 |
| Mar 15Wed | $21.77 | −0.71% | $0.70 | ₹57,618 | AED 2,570.58 |
| Mar 16Thu | $21.59 | −0.85% | $0.69 | ₹57,411 | AED 2,548.63 |
| Mar 17Fri | $22.35 | +3.53% | $0.72 | ₹59,373 | AED 2,638.56 |
| Mar 20Mon | $22.53 | +0.81% | $0.72 | ₹59,791 | AED 2,660.26 |
| Mar 21Tue | $22.32 | −0.93% | $0.72 | ₹59,234 | AED 2,635.37 |
| Mar 22Wed | $22.68 | +1.57% | $0.73 | ₹60,273 | AED 2,676.95 |
| Mar 23Thu | $23.14 | +2.07% | $0.74 | ₹61,407 | AED 2,732.17 |
| Mar 24Fri | $23.25 | +0.45% | $0.75 | ₹61,486 | AED 2,744.11 |
| Mar 27Mon | $23.05 | −0.83% | $0.74 | ₹61,030 | AED 2,721.55 |
| Mar 28Tue | $23.32 | +1.17% | $0.75 | ₹61,652 | AED 2,753.27 |
| Mar 29Wed | $23.38 | +0.22% | $0.75 | ₹61,751 | AED 2,759.64 |
| Mar 30Thu | $23.90 | +2.25% | $0.77 | ₹63,211 | AED 2,821.50 |
| Mar 31Fri | $24.08 | +0.73% | $0.77 | ₹63,551 | AED 2,842.28 |
How March usually goes for silver
In the 20 years from 2006 to 2025, silver rose in March 9 times out of 20, with an average move of +1.0% and a median of −0.5%.
Silver in March 2023: FAQ
What was the price of silver in March 2023?
Silver traded between $20.01 and $24.08 per troy ounce (daily closes) in March 2023, averaging $21.97. It closed the month at $24.08.
How much did silver go up in March 2023?
Silver rose 14.9%, from $20.96 to $24.08. The biggest daily rise was +7.0% on March 13, 2023 and the biggest fall −4.4% on March 7, 2023.
What was the silver price on March 1, 2023?
Silver closed at $20.96 per troy ounce on March 1, 2023, the first trading day of the month. 999 India, ₹ per kg: ₹55,684.
Is March usually a good month for silver?
In the 20 years from 2006 to 2025, silver rose in March 9 times out of 20, with an average move of +1.0% and a median of −0.5%. Past seasonal patterns are not a reliable guide to any single year.
How much did silver change in rupees in March 2023?
Silver rose 14.1% in Indian rupee terms in March 2023, compared with +14.9% in US dollars.
Did silver beat stocks in March 2023?
Yes. Silver was +14.9% for the month, against +3.7% for the S&P 500 with dividends.
How did silver react to the Fed and US data in March 2023?
Of 3 scheduled US releases this month, the biggest move came after the Fed rate decision + projections on 22 March: +3.7%. The full list with each reaction is on this page.
Did silver keep up with inflation in March 2023?
US consumer prices (CPI) changed +0.33% in March, so silver's real (inflation-adjusted) change was about +14.5%.