Silver prices hit a record high on Tuesday as a scramble for the precious metal in London injected fresh momentum into a rally that has already outpaced that of gold.
Silver touched $53 per ounce in early trading, taking its gain for the year to more than 85 per cent.
The blistering rally has been driven both by appetite from investors, who see the white metal as a proxy for gold — whose price also hit a fresh high on Tuesday of $4,179 a troy ounce, taking its gains for the year to 59 per cent — and by demand from industries including electronics and solar panels. In recent weeks, Indian buyers preparing for the wedding season have also poured into the silver market.
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