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Silver Price in 2023

In 2023, the price of silver averaged $23.35 per troy ounce, up 7.5% from the year before. This page covers the 2023 average, high, low, and year-end close, the events that moved the market, and what that silver would be worth in today's dollars.

2023 Average

$23.35

LBMA annual average, USD/oz

Change vs 2022

+7.5%

from $21.73 in 2022

2023 High

$26.14

from daily trading data

2023 Low

$19.90

from daily trading data

Year-End Close

$23.79

last trading day of 2023

What happened to the silver price in 2023

Silver averaged $23.35 per troy ounce in 2023, up 7.5% from $21.73 the year before. Daily trading data shows silver moved between a low of $19.90 and a high of $26.14 during the year, ending 2023 at $23.79. The notable development of 2023: Banking crisis; safe-haven flows.

The 2020s have been silver's most dramatic decade since the 1980s. A pandemic crash to $12, the Reddit squeeze of 2021, and surging solar demand set the stage for the late 2025 breakout that finally cleared the 1980 record.

Adjusted for inflation, silver's 2023 average of $23.35 equals about $25 in today's dollars. The conversion uses US Bureau of Labor Statistics CPI-U annual averages, so treat it as a close approximation rather than an exact figure.

Frequently Asked Questions

What was the price of silver in 2023?
Silver averaged $23.35 per troy ounce in 2023, based on LBMA annual average data. Daily prices ranged from a low of $19.90 to a high of $26.14, and the year closed at $23.79. That average was up 7.5% from $21.73 in 2022.
What is a 2023 silver price worth in today's dollars?
Adjusted with the US Consumer Price Index, silver's 2023 average of $23.35 works out to roughly $25 in today's dollars, using 2025 as the CPI base year. The conversion uses BLS CPI-U annual averages, so treat it as a close approximation rather than an exact figure.
What moved the silver price in 2023?
The defining story of 2023: Banking crisis; safe-haven flows. Against that backdrop, the annual average climbed 7.5%, from $21.73 in 2022 to $23.35.

Annual averages are LBMA prices per troy ounce in US dollars. Where shown, the yearly high, low, and close come from MetalCharts daily historical data and may differ slightly from figures published elsewhere. Inflation adjustments use BLS CPI-U annual averages.