Silver extends rally, surges 6%

Silver continued to extend gains on Friday, soaring 6% and trading at the highest levels since 2013.

The precious metals rally was seemingly fueled by China’s announcement of measures to stabilize the property sector, as well as hopes of the United States Federal Reserve cutting rates soon following the lower-than-expected inflation reading.

Silver surged 6% to $31.36 per ounce at 2:43 pm ET. Meanwhile, gold jumped 1.67% to sell for $2,415.84 per ounce at 2:31 pm ET, platinum climbed 2.51% to $1,089.77 per ounce at 2:32 pm ET and palladium rose 0.73% to $994.08 at the same time.