Silver prices rallied to their highest value in more than two weeks. The value of silver exchange-traded fund too has surged since August. Silver December contracts on the Comex division of the New York Mercantile Exchange soared to $22.525 per troy ounce, touching the highest since Sept. 20.Since early August lows iShares Silver Trust has gained 14.4%. This is when SPDR Gold Shares gained only 3.2%.
The white metal received good support from jewelers and wholesalers in the Asian nation who bought the commodity amid strong seasonal demand. The silver demand in India has surged substantially, figures indicate. According to latest import data released by India Customs, the total imports of silver by the country during the first quarter of the current financial year amounted to $1.78 billion, 311% higher than the imports of $433.8 million during the corresponding quarter last year.
The coin sales at the U.S. Mint remained robust during the initital eight months of the year. In the first eight months of this year, the Mint sold 33.07 million ounces of silver in coins. In the same period a year ago, the U.S. Mint sold only 22.54 million ounces of the white metal in coins, registering a 47% growth year-on-year.