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Silver soared to its highest level since 2012, while gold prices hit a new high.
Silver prices touched the highest level since 2012 on Thursday, while gold prices hit a new all-time high, bolstered by expectations of further rate cuts by the Federal Reserve. Silver prices rose 2.8% to $32.71 per ounce on Thursday, expanding its gains for the year to 37%. As silver prices rose, precious metals in general also increased, with gold hitting a new all-time high. Silver is one of the best-performing major commodities this year, as the Federal Reserve's easing of monetary policy last week and the prospect of further rate cuts bode well for these interest-free precious metals. As China takes measures to promote economic growth, the possibility of increased industrial usage also supports silver.
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