Silver prices continue to rally, with New York futures trading 2.4% higher to $44.94 a troy ounce in early afternoon trade after rising above $45 in the previous session.
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“The price of gold may have recently reached a new record high, but the price of silver has actually performed even more impressively,” Thu Lan Nguyen, head of commodity strategy at Commerzbank, says. The precious metal has risen by nearly 56% this year, outperforming even gold, which has gained about 43%.
“The record high price of gold is now deterring many and…alternatives are therefore being sought,” she says. Meanwhile, platinum also rises, up 1.8% to $1,557.20 an ounce, its highest level since 2013. The white metal has surged 71% this year on expectations of another annual supply deficit.