SINGAPORE: Silver jumped to its highest since early 1980 on Tuesday on inflation concerns, a rise in ETF holdings to another record and growing industrial demand, helping gold defy pressure from a firming dollar against the euro.
In addition to rising investment demand for silver as a cheaper alternative to gold, an expected increase in physical buying from China was likely to support the metal, which gained 22 percent in the first quarter -- its ninth consecutive quarterly increase.
Silver, widely used in electronics manufacturing, rose as high as $38.77 an ounce and was quoted at $38.68 an ounce by 0624 GMT, up 26 cents.
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