Silver Price Rises to $15.96 per Ounce

Apr. 21, 2015 11:01AM PST

The silver price gained 0.4 percent on Tuesday to reach $15.96 an ounce, according to Reuters. However, the metal is still below the threshold of $16. According to the Financial Times, the overarching drop in the silver price can be linked to not only a stronger dollar, but also to dips in demand, largely due to the diminished use of silver …

The silver price gained 0.4 percent on Tuesday to reach $15.96 an ounce, according to Reuters. However, the metal is still below the threshold of $16.

According to the Financial Times, the overarching drop in the silver price can be linked to not only a stronger dollar, but also to dips in demand, largely due to the diminished use of silver in the photography industry and in solar panels.

“[A]gainst the backdrop of substantial global competition and overcapacities, solar panel producers … have reduced silver usage per panel by around 75 percent over the last 10 years,” the news outlet quotes Bank of America Merrill Lynch as saying.