Silver Price in May 2024
In May 2024, silver rose 14.8%, from $26.39 at the end of April to $30.30 per troy ounce on May 31, 2024. The highest close was $32.21 on May 20, 2024, the lowest $26.45 on May 3, 2024, and the average over 22 trading days was $29.40. Today's price is 77.6% higher than the May 2024 close.
- Silver rose 14.8% in US dollars in May 2024, leaving it up 27.0% for the year to date.
- Measured in other currencies, the change ranged from +13.3% in GBP to +15.3% in JPY, because exchange rates moved too.
- It did better than gold (+0.9%), bitcoin (+11.3%) and US stocks (+5.0%).
- It closed higher on 14 trading days and lower on 8, with an average daily move of 1.84%.
- At the end of the month it was 37.6% below its highest close since 2000.
- Gold/silver ratio: 87.3 → 76.7.
- The biggest reaction to a scheduled US release was to the CPI inflation (April 2024) on 15 May: +3.6% that day.
Silver price chart, May 2024
US dollars per troy ounce · daily closeSilver in other currencies, May 2024
| Currency | Change in the month |
|---|---|
| JPY | +15.3% |
| ZAR | +15.3% |
| CAD | +14.9% |
| PKR | +14.9% |
| MXN | +14.8% |
| CNY | +14.7% |
| INR | +14.6% |
| TRY | +14.4% |
| AUD | +13.6% |
| EUR | +13.5% |
| GBP | +13.3% |
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 2024
| Asset | Change (USD) |
|---|---|
| Silver | +14.8% |
| Gold | +0.9% |
| Bitcoin | +11.3% |
| S&P 500 (with dividends) | +5.0% |
| US inflation (CPI, month) | +0.17% |
| Silver, year to date (end of May) | +27.0% |
| Gold/silver ratio | 87.3 → 76.7 |
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 2024
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 1 May | Fed rate decision | Rates unchanged (5.25–5.50%) | +0.7% |
| Fri 3 May | Jobs report (April 2024) | — | −0.5% |
| Wed 15 May | CPI inflation (April 2024) | — | +3.6% |
Daily Silver Prices, May 2024
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 1Wed | $26.49 | +0.37% | $0.85 | ₹71,111 | AED 3,127.91 |
| May 2Thu | $26.58 | +0.35% | $0.85 | ₹71,284 | AED 3,139.01 |
| May 3Fri | $26.45 | −0.52% | $0.85 | ₹70,914 | AED 3,121.95 |
| May 6Mon | $27.37 | +3.49% | $0.88 | ₹73,369 | AED 3,231.64 |
| May 7Tue | $27.30 | −0.24% | $0.88 | ₹73,273 | AED 3,223.24 |
| May 8Wed | $27.36 | +0.21% | $0.88 | ₹73,427 | AED 3,230.08 |
| May 9Thu | $28.13 | +2.82% | $0.90 | ₹75,491 | AED 3,321.19 |
| May 10Fri | $28.28 | +0.51% | $0.91 | ₹75,870 | AED 3,338.08 |
| May 13Mon | $28.22 | −0.19% | $0.91 | ₹75,784 | AED 3,331.70 |
| May 14Tue | $28.49 | +0.94% | $0.92 | ₹76,476 | AED 3,362.87 |
| May 15Wed | $29.51 | +3.61% | $0.95 | ₹79,256 | AED 3,484.35 |
| May 16Thu | $29.67 | +0.51% | $0.95 | ₹79,548 | AED 3,502.18 |
| May 17Fri | $31.05 | +4.66% | $1.00 | ₹83,319 | AED 3,665.33 |
| May 20Mon | $32.21 | +3.73% | $1.04 | ₹86,250 | AED 3,802.77 |
| May 21Tue | $31.87 | −1.05% | $1.02 | ₹85,363 | AED 3,762.26 |
| May 22Wed | $31.30 | −1.80% | $1.01 | ₹83,830 | AED 3,694.61 |
| May 23Thu | $30.28 | −3.23% | $0.97 | ₹81,073 | AED 3,575.25 |
| May 24Fri | $30.33 | +0.15% | $0.98 | ₹81,215 | AED 3,580.69 |
| May 28Tue | $31.97 | +5.41% | $1.03 | ₹85,465 | AED 3,774.42 |
| May 29Wed | $32.20 | +0.73% | $1.04 | ₹86,148 | AED 3,801.81 |
| May 30Thu | $31.39 | −2.53% | $1.01 | ₹84,128 | AED 3,705.59 |
| May 31Fri | $30.30 | −3.48% | $0.97 | ₹81,160 | AED 3,576.79 |
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 2024: FAQ
What was the price of silver in May 2024?
Silver traded between $26.45 and $32.21 per troy ounce (daily closes) in May 2024, averaging $29.40. It closed the month at $30.30.
How much did silver go up in May 2024?
Silver rose 14.8%, from $26.39 to $30.30. The biggest daily rise was +5.4% on May 28, 2024 and the biggest fall −3.5% on May 31, 2024.
What was the silver price on May 1, 2024?
Silver closed at $26.49 per troy ounce on May 1, 2024, the first trading day of the month. 999 India, ₹ per kg: ₹71,111.
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 2024?
Silver rose 14.6% in Indian rupee terms in May 2024, compared with +14.8% in US dollars.
Did silver beat stocks in May 2024?
Yes. Silver was +14.8% for the month, against +5.0% for the S&P 500 with dividends.
How did silver react to the Fed and US data in May 2024?
Of 3 scheduled US releases this month, the biggest move came after the CPI inflation (April 2024) on 15 May: +3.6%. The full list with each reaction is on this page.
Did silver keep up with inflation in May 2024?
US consumer prices (CPI) changed +0.17% in May, so silver's real (inflation-adjusted) change was about +14.6%.