Concerns about a slackening global pace of the economic recovery helped drive silver prices higher on Wednesday, published reports indicate.
Speculators' view of the precious metal is strengthening, according to The Economic Times. Dow Jones Newswires reports a Standard & Poor's senior director of commodities labeled silver the "best performing commodity" in July.
At 5:55 a.m. on Wednesday, silver futures gained 2.61 percent, a $1.048 lift to $41.14 per troy ounce.
Now standing at $50.35 per troy ounce, the record price for the whitish metal was established in January 1980. Slightly more than three months ago, silver futures approached that record price and the $50 per troy ounce threshold. But less than two weeks later, silver futures dove from less than $1 from those marks to about $31 per troy ounce.
The proclivity to suddenly rise or fall with or without motive is a large part of why silver is known as the volatile metal.
The Economic Times reports demand for silver is rising in India as the marriage season has begun and the precious metal often is given as a wedding gift.
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