Silver surges to highest since 2012 as precious metals rally
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Silver hit the highest level since 2012, while gold reached a new record as expectations for additional Federal Reserve interest-rate cuts boosted precious metals. The white metal climbed as much as 2.8% to $32.71 an ounce on Thursday, extending this year's gain to 37%. Its advance came during a broad rally for precious metals, with gold hitting another all-time high. Both metals gave up some of their early gains after the latest US data showed the labour market remained resilient. Silver is one of the year's best-performing major commodities as the Fed's pivot toward easier monetary policy last week, and the prospect of further rate cuts, benefit the non-yielding metals. Gains have been supported by the possibility of increased industrial use as China moves to boost its economy, while flows into silver-backed exchange-traded funds have shown signs of picking up. "Silver is viewed as the relatively cheap sibling to gold, ...