Silver futures are quietly rising in price, following their counterpart gold as the precious metals gain the attention of investors concerned about the debt crisis debate stalemate in Washington, Bloomberg reports.
The shiny metal reached its top level of $41.18 per troy ounce since early May as the commodity finds itself priced more than $40 per troy ounce, Reuters reports. The record price for silver futures in $50.35 per troy ounce, which was set in January 1980.
Precious metal prices are climbing as the U.S. capital is embroiled in partisan debate while the August 2 deadline looms. The U.S. is less than one week from its first-ever default rating. As the world's reserve currency, the U.S. dollar is rapidly losing value, which helps drive higher the price of precious metals.
At 8:09 a.m. on Wednesday, silver futures increased 0.66 percent, a 26.7 cent rise to $40.965 per troy ounce.
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