2/1, 2:29 AM (Source: TeleTrader)
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Silver soars 5% amid stock market frenzy

The price of silver leapt by over 5% to hit a five-month high in dollar terms and surpass august levels as traders turned to safe-haven assets amid an activist-driven stock market frenzy.

The spike in demand is seemingly related to retail investors that last week prompted Robinhood Markets, Inc. and Interactive Brokers to restrict purchases of GameStop and several other stocks by driving up the company's shares and causing big losses for hedge funds.

The precious metal went for $28.25 as it jumped 5.06% at 02:10 pm ET, while spot gold added 0.41% to go for $1,852,13 an ounce, with platinum rising 1.77% to $1,092,01 at 2:11 pm ET. A minute later, palladium fell 0.08% to $2,231,89.

Breaking the News / NL