Published 2 June 2026
The headline figures
The UK silver price opened 1 June 2026 at about £56.24 per troy ounce. The January 28 high was £84.51; the 2026 year-to-date average sits around £67. Translated into a per-gram pure figure, £56/oz is £1.81/g of 99.9% silver, which feeds through to GoldPaid’s sterling-silver indicative rate of £0.72/g on the calculator.
Why silver fell harder than gold
Silver moves more than gold in both directions because it is a precious metal and an industrial metal at the same time, about half of annual silver demand comes from electronics, solar panels and other industrial uses. When global industrial sentiment cools, silver gets hit harder. We covered the dynamic in what drives the UK silver price.
The gold-silver ratio is a useful single number to track. It opened June 2026 around 60:1, broadly in line with the long-run average. A high ratio (silver "cheap" to gold) historically rewards patient silver holders; a low ratio (silver "rich") rewards gold holders. Neither is a prediction, but the ratio is a useful sanity check.
What it means for sellers
Sterling silver still clears comfortably more pounds per gram than it did at this point last year. A 100 g lot of mixed sterling at £0.72/g indicative is £72; a year ago the same lot would have been closer to £55-60. Britannia (.958) clears a touch more per gram; everyday plate (.800) a touch less.
If your sale is silver flatware, candlesticks or tea sets, ask first before treating any of it as scrap. Named-maker or pre-1900 pieces frequently clear scrap value comfortably, see the UK silver hallmarks guide and selling antique gold (the antique-vs-scrap principle is the same).
Common questions
Will silver go back to £84/oz?
No one can reliably predict that. Silver is unusually volatile; both rallies and pullbacks happen quickly. Use the gold-silver ratio as a sanity check rather than a forecast.
Why is the per-gram buyer rate so far below silver spot?
Refining costs on lower-purity consumer silver are heavier than on gold. The same is true at most reputable buyers. See silver price drivers for the longer explanation.
Should I sell sterling silver in June 2026 or wait?
No one knows where the price goes next. Take an indicative figure today, accept or decline, and treat the market like the weather rather than a strategy.