The price of silver notched up further gains throughout the course of the week on the back of a number of factors.
While the eurozone crisis appears (for now at least) to be lurching towards a resolution, investors remain sceptical that European leaders can actually pull together. Nevertheless, tentative optimism has helped to push silver prices higher as hopes of a European bank recapitalisation plan increased investors’ risk appetite.
Improved hopes for the global economy has also supported the rising price of the metal, as its use in industry is likely to increase. Spot silver was also boosted by heavy speculation that demand for the precious metal would increase as India's festive season, Diwali, approaches.