Silver futures gained the most in four weeks amid speculation that the Federal Reserve may slow the pace of increases for U.S. interest rates, boosting the metal’s appeal as a store of value. Gold also gained.
Silver futures for March delivery gained 2.9 percent to settle at $14.156 an ounce at 1:49 p.m. on the Comex in New York. Prices are up 2.6 percent since the start of the year.
Gold futures for February delivery added 0.2 percent to $1,087.10 an ounce, erasing losses of as much as 0.5 percent.
While gold prices have declined this week, investors are still buying the metal through exchange-traded products. ETP holdings rose 4.9 metric tons to a six-week high of 1,482.7 tons as of Tuesday, data compiled by Bloomberg show. The assets rose for a fourth day, the longest stretch since October.
On the New York Mercantile Exchange, palladium futures for March delivery climbed 3.6 percent to $486.65 an ounce, while platinum futures for April delivery rose 1.5 percent to $851.30 an ounce.