Spot silver prices rose $0.67 to reach $22.60 an ounce today, Reuters reported. Silver futures for July delivery made gains on the COMEX in New York, hitting $22.495 an ounce, a rise of $0.089 an ounce, according to Bloomberg.
Mineweb reported that analysts expect silver prices to remain at current levels for the rest of the year. Walter de Wet, head of commodities research at Standard Bank, told the publication that because of the high correlation between gold and silver, many investors have lost interest in silver on the back of tumbling gold prices.
“What has been propping up silver to a large extend has been, number one, stock piling in China and, number two, strong demand especially from the likes of ETFs and people that buy silver bars and coins but, that has come almost to a standstill in recent weeks and obviously has been exposing the silver price to lower levels,” he said.