Silver prices hit their highest mark in more than four months on Monday as hopes of new quantitative easing measures from the US Federal Reserve brought interest in the precious metal. In the past three weeks, silver has jumped 15.8% in price and on Monday peaked at US$ 32.20 a troy ounce. Last Friday, Fed chairman Ben Bernanke said “we should not rule out the further use of such policies if economic conditions warrant”.
Gold also hit a new high on Monday and approached the level of US$ 1,700 a troy ounce for the first time since March.