Silver plays catch up with gold — hits 11-month high
So far this this month, prices for the precious metal have rallied about 10%, after breaking through chart resistance at its late October high on Tuesday.
Silver, which has more industrial uses than gold, has suffered amid worries over global growth. But it was last seen trading Wednesday at $17.05 an ounce, which puts it on track for its biggest monthly rise since January 2015.
Gold prices eased on Wednesday as a firmer dollar halted the previous day’s rally.
Spot gold was last down 0.2% at $1,247.36 an ounce, off a one-week high of $1,258.00 touched overnight. U.S. gold futures for April delivery were down $4.90 an ounce at $1,249.40.
Unlike other major commodities, companies don’t mine the metal exclusively. Silver is mostly produced as a by-product as it occurs naturally in ores with gold, copper and lead.
In terms of trading, silver is often traded along with gold so the metal prices tend to closely track bullion’s. Last year, however, silver prices trailed behind gold prices.