Wednesday saw silver futures climb higher as the volatile metal tracked the higher drive of gold futures, published reports state.
The Associated Press reports this week thus far has been productive for both precious metals as closing on Tuesday indicated a 6 percent gain for silver and a 4 percent increase for gold. With increases in price thus far on Wednesday, those weekly gains are already higher.
Reuters attributes the precious metals' strong performance to the economic and financial tumult in the euro zone as regional leaders prepare to convene today for the second meeting in four days to address the sovereign debt crisis.
"The financial markets are giving a very clear signal. They are saying that they doubt that the 27 E.U. nations will reach an accord on policies to resolve sovereign debt while stimulating economic growth," bullion broker director Ross Norman of Sharps Pixley told Reuters. "The market is looking for specifics, and not generalities. There is a sense that we have heard too much talk and we need clear, cogent and doable proposals."
At 9:48 a.m. on Wednesday, silver futures gained 1.26 percent, a 41.8 cent rise to $33.47 per troy ounce.
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