Silver steadies near £38 an ounce as the gold-silver ratio holds close to 79

Silver traded near $50.29 a troy ounce on Tuesday, according to Kitco's morning report. That is roughly £38 an ounce, or £1.22 a gram, on our approximate conversion before any dealer costs. Silver slipped slightly while gold edged up to around $3,966 (about £3,000), after both metals recovered part of their October losses.

Those prices put the gold-silver ratio, the number of silver ounces needed to buy one ounce of gold, at about 79. That is well above the 60 to 70 range seen over the summer, which suggests silver has fallen further than gold in the recent sell-off. Some buyers watch the ratio as a rough guide to relative value, though it is no guarantee of a rebound.

Kitco says markets are unsettled by the US midterm elections and the Iran conflict. Reuters, citing CME's FedWatch tool, puts the chance of a US interest rate rise in December at about 79 per cent. Higher rates tend to weigh on metals that pay no interest. The next test is Friday's US jobs report.

For UK buyers, most silver bullion carries 20 per cent VAT, while investment gold does not, so the cheapest headline price is not always the cheapest total. Compare the all-in cost: spot plus dealer premium, VAT and delivery. This is market information, not financial advice.