Silver Price in May 2023
In May 2023, silver fell 6.1%, from $25.00 at the end of April to $23.47 per troy ounce on May 31, 2023. The highest close was $26.04 on May 4, 2023, the lowest $22.79 on May 25, 2023, and the average over 22 trading days was $24.30. Today's price is 129.4% higher than the May 2023 close.
- Silver fell 6.1% in US dollars in May 2023, leaving it down 1.6% for the year to date.
- Measured in other currencies, the change ranged from −8.0% in MXN to +1.0% in ZAR, because exchange rates moved too.
- It did better than bitcoin (−7.0%), and worse than gold (−1.8%) and US stocks (+0.4%).
- It closed higher on 10 trading days and lower on 12, with an average daily move of 1.21%.
- At the end of the month it was 51.7% below its highest close since 2000.
- Gold/silver ratio: 80.0 → 83.7.
- The biggest reaction to a scheduled US release was to the Fed rate decision on 3 May: +2.5% over two sessions.
Silver price chart, May 2023
US dollars per troy ounce · daily closeSilver in other currencies, May 2023
| Currency | Change in the month |
|---|---|
| ZAR | +1.0% |
| TRY | −0.4% |
| JPY | −1.9% |
| EUR | −3.5% |
| CNY | −4.0% |
| AUD | −4.5% |
| INR | −5.0% |
| PKR | −5.3% |
| GBP | −5.5% |
| CAD | −6.1% |
| MXN | −8.0% |
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, May 2023
| Asset | Change (USD) |
|---|---|
| Silver | −6.1% |
| Gold | −1.8% |
| Bitcoin | −7.0% |
| S&P 500 (with dividends) | +0.4% |
| US inflation (CPI, month) | +0.25% |
| Silver, year to date (end of May) | −1.6% |
| Gold/silver ratio | 80.0 → 83.7 |
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 May 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 |
|---|---|---|---|
| Wed 3 May | Fed rate decision | Raised 25 bp (5.00–5.25%) | +2.5% |
| Fri 5 May | Jobs report (April 2023) | — | −1.1% |
| Wed 10 May | CPI inflation (April 2023) | — | −0.9% |
Daily Silver Prices, May 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 |
|---|---|---|---|---|---|
| May 1Mon | $25.01 | +0.04% | $0.80 | ₹65,728 | AED 2,951.94 |
| May 2Tue | $25.40 | +1.58% | $0.82 | ₹66,790 | AED 2,998.64 |
| May 3Wed | $25.48 | +0.28% | $0.82 | ₹66,983 | AED 3,007.14 |
| May 4Thu | $26.04 | +2.19% | $0.84 | ₹68,454 | AED 3,073.04 |
| May 5Fri | $25.74 | −1.12% | $0.83 | ₹67,633 | AED 3,038.66 |
| May 8Mon | $25.64 | −0.42% | $0.82 | ₹67,363 | AED 3,026.11 |
| May 9Tue | $25.70 | +0.24% | $0.83 | ₹67,573 | AED 3,033.26 |
| May 10Wed | $25.46 | −0.92% | $0.82 | ₹67,210 | AED 3,005.13 |
| May 11Thu | $24.26 | −4.74% | $0.78 | ₹63,882 | AED 2,862.86 |
| May 12Fri | $23.99 | −1.08% | $0.77 | ₹63,329 | AED 2,831.90 |
| May 15Mon | $24.13 | +0.56% | $0.78 | ₹63,763 | AED 2,847.99 |
| May 16Tue | $23.74 | −1.62% | $0.76 | ₹62,783 | AED 2,801.80 |
| May 17Wed | $23.75 | +0.06% | $0.76 | ₹62,845 | AED 2,803.42 |
| May 18Thu | $23.50 | −1.08% | $0.76 | ₹62,281 | AED 2,773.08 |
| May 19Fri | $23.92 | +1.81% | $0.77 | ₹63,619 | AED 2,823.01 |
| May 22Mon | $23.72 | −0.86% | $0.76 | ₹63,211 | AED 2,799.43 |
| May 23Tue | $23.47 | −1.02% | $0.75 | ₹62,509 | AED 2,770.68 |
| May 24Wed | $23.12 | −1.53% | $0.74 | ₹61,601 | AED 2,728.38 |
| May 25Thu | $22.79 | −1.42% | $0.73 | ₹60,595 | AED 2,689.47 |
| May 26Fri | $23.24 | +1.99% | $0.75 | ₹61,824 | AED 2,743.06 |
| May 30Tue | $23.13 | −0.49% | $0.74 | ₹61,397 | AED 2,729.86 |
| May 31Wed | $23.47 | +1.51% | $0.75 | ₹62,402 | AED 2,771.21 |
How May usually goes for silver
In the 20 years from 2006 to 2025, silver rose in May 9 times out of 20, with an average move of +0.3% and a median of −0.7%.
Silver in May 2023: FAQ
What was the price of silver in May 2023?
Silver traded between $22.79 and $26.04 per troy ounce (daily closes) in May 2023, averaging $24.30. It closed the month at $23.47.
How much did silver go down in May 2023?
Silver fell 6.1%, from $25.00 to $23.47. The biggest daily rise was +2.2% on May 4, 2023 and the biggest fall −4.7% on May 11, 2023.
What was the silver price on May 1, 2023?
Silver closed at $25.01 per troy ounce on May 1, 2023, the first trading day of the month. 999 India, ₹ per kg: ₹65,728.
Is May usually a good month for silver?
In the 20 years from 2006 to 2025, silver rose in May 9 times out of 20, with an average move of +0.3% and a median of −0.7%. Past seasonal patterns are not a reliable guide to any single year.
How much did silver change in rupees in May 2023?
Silver fell 5.0% in Indian rupee terms in May 2023, compared with −6.1% in US dollars.
Did silver beat stocks in May 2023?
No. Silver was −6.1% for the month, against +0.4% for the S&P 500 with dividends.
How did silver react to the Fed and US data in May 2023?
Of 3 scheduled US releases this month, the biggest move came after the Fed rate decision on 3 May: +2.5%. The full list with each reaction is on this page.
Did silver keep up with inflation in May 2023?
US consumer prices (CPI) changed +0.25% in May, so silver's real (inflation-adjusted) change was about −6.3%.