Silver on 11-month high, lifting gold, platinum
Silver shot up to its highest in 11 months on Wednesday, leading gold for a gain in the second session and taking platinum to a new 6-month high. The white metal rallied due to a weaker dollar with a positive trend seen in the Chinese economy.
Currently, silver has been on an upswing. It increased 22% this year, making it one of the lucrative investments of 2016. The increase has outshone gold with a gain of 18% this year.
Spot silver jumped to $17.21 per ounce, the highest since May 2015, subsequent to a 4.4% rise on Tuesday. Platinum, after rallying about 4% in the previous session, reached a 6-month high of $1,019.90. Palladium reached $588.05, a new high in one-month.
Silver and platinum group metals, which are mostly in demand by the industry than gold, are gaining on the latest positive data from China – a key consumer, where a flood of fresh debt seems to be leading to the recovery in manufacturing activity, investments and household expenditure.
The most traded white metal contract surged for a 10th session out of 11, rallying about 3 percent on Wednesday, reaching a 6-month high on the Shanghai Gold Exchange.
Gold had increased 0.2 percent to $1,253.10 per ounce on Wednesday, a 1.5 percent rise in the previous session. Silver’s wider range of uses in manufacturing also factors global supply and demand, so silver can sometimes see a more upward swing than gold.
Silver futures for delivery in May rallied 4.4 percent in New York to $16.972 per ounce on Tuesday, a 20 percent increase from the recent low in December. Gold for delivery in June gained 1.4 percent, whereas copper rose a second day to a three-week high on the London Metal Exchange.
to success.