Silver above 15-week high on world tensions, investor confusion
The price of silver continued strong Thursday, surpassing Wednesday's 15-week high, in line with a current uptrend in precious metals.
Spot silver changed hands at $21.60 around noon EST, up from $21.30 Wednesday, boosted by several factors.
Silver has lately strengthened due to geopolitical tensions, such as increased unrest in Iraq and Ukraine.
Meanwhile, uncertainty among investors, who are trying to predict U.S. borrowing costs amid ongoing ultra-low interest rates, is also pushing silver higher.
Positive U.S. jobs data released Thursday appeared to have little effect on the white metal.
According to Kitco, most Federal Reserve officials remain in favour of maintaining very low interest rates for the foreseeable future.
Likewise, a European Central Bank meeting Thursday resulted in no monetary policy changes, Kitco reported.
Silver, seen as a hedge during periods of political or financial turmoil, is also valued for its utility in circuitry, superconductors, chemistry and medicine.
Supply is a major factor, with less silver being mined than the world has used over the past 30 years, according to Proactive Investors.