XAG/USD is how silver is labeled for spot trading on the foreign exchange market. Silver (XAG) is traded against the US dollar (USD), so its price shows how much one ounce of silver is worth in USD. XAG/USD is traded like any traditional currency pair.

In addition to gold, silver is a precious metal and is used in the creation of jewelry and silverware. It also has significant industrial use in solar panels, batteries, medical and photography equipment, and motor vehicles.