Silver futures rallied to their highest level in more than 10 months on Tuesday, and gold futures traded at a one week high, with the U.S. dollar-denominated metals getting a boost from weaker greenback.
Silver for May delivery advanced 71.7 cents, or 4.4%, to $16.97 an ounce on Comex. Prices haven’t traded at a level this high since late June and haven’t settled around this level late May.
Last week, hedge funds boosted their bets on silver, pushing the overall market into a record net long position, according to a Mining.com report citing CFTC data. That came as silver gained 6% last week.
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