The whitish metal notched the price of $32.48 per troy ounce during trading on Monday. Demand for American Eagle silver coins from the U.S. Mint is on pace to push beyond the January high of 6.4 million ounces that was set just last year. As of this past Friday, the total stood at 5.3 million ounces.
The price of the volatile metal benefited from the declining value of the U.S. dollar, which drove investor demand for silver, Dow Jones Newswires reports. Also pushing investors toward precious metals were strengthening equities.
Silver futures continued the healthy performance from Monday when the volatile metal gained 3.8 percent in value.
But the precious metal also is known as the volatile metal due to its tendency to suddenly reverse course and spike with or without reason.
Silver also is more sensitive to economic and financial developments throughout the world due to the precious metal serving many uses in manufacturing and other industries.
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