It was worth $28.72/oz at the time of writing, while gold was about $2,014/oz.
Russia-focused silver miner Silver Bear Resources (TSX: SBR) was among the metals and mining stocks on the rise in Toronto, gaining 15%.
Meanwhile US-China tensions continue and the number of COVID-19 cases globally has just passed 20 million.
Elsewhere, copper gained about 1.4% on the London Metal Exchange and aluminium was the only other base metal to end in positive territory.
Among the mining majors, Rio Tinto closed up 0.5% in London and Newmont closed 1.48% lower in New York.
BHP was A$1 shy of a one-year high in morning trade, up 1.46%. The company is due to report its FY20 results on August 18.
Finally, Sheffield Resources (ASX: SFX) had shot up more than 53% at the time of writing after announcing a non-binding term sheet with China's Yansteel, which would see the steel maker invest $130.1 million to form a 50:50 joint venture to develop the Thunderbird mineral sands project in Western Australia.