Silver prices on Wednesday surged by the most in nearly three years and gold settled sharply above an important psychological level at $1,500, amid a round of easy-money policies that helped to stoke fresh appetite for the perceived safety of precious metals.
September silver SIU19, +3.80% surged 75.1 cents, or nearly 4.6%, to end at $17.196 an ounce, after gaining or 0.3% on Tuesday, breaching its own psychologically important level above $17. That marks silver’s highest level since 2018, and the firmest one-day gain for gold’s sister metal one point basis since Sept. 6, 2016 and July 2016 on a percentage basis, according to FactSet data.
Meanwhile, December gold GCZ19, +1.72% on Comex added $35.40, or 2.4%, to finish at $1,519.60, marking the highest level for the precious metal since 2013 based on most-active contracts, according to Dow Jones Market Data. The gain also is the most-active contract’s largest daily advance since June 20 when the precious metal surged $48.10 or 3.6%, according to FactSet data.
“Gold captured the $1,500 an ounce level and the rally seems set to roll on as no one is expecting any immediate progress on the trade...