Silver trades hit record high

Silver jumped more than 2% to a record high today with traders placing speculative bets given ongoing supply tightness and rising expectations for an interest-rate cut in the U.S.

The white metal rose as high as $57.86 an ounce. Silver has climbed for six consecutive days and doubled in value this year.

A record amount of the metal flowed into London in October to ease a historic squeeze in the world’s biggest silver trading hub. This in turn has put other centers under pressure.

Investor interest in silver increased last month, with inflows to physically backed exchange-traded funds accelerating after investors booked profit in October following the previous high.

Gold prices steadied after hitting a six-week high on Monday