London (CNN Business) Silver prices have rocketed to their highest level in seven years this week as a falling US dollar and record low interest rates send investors rushing for other safe havens. The metal has rallied more than 18% this week, reaching a high of $23.24 an ounce. The jump is even outpacing gains in gold, which has shot past $1,800 per ounce and is now approaching an all-time high of $1,920 per ounce reached in 2011. A weaker dollar is also making it cheaper for foreign investors to buy gold and silver, while rock bottom interest rates make other typical safe haven investments, such as US Treasuries, look less attractive. Silver is a key component in electric vehicles and increased demand for renewable energy solutions is likely contributing to its price rise, too.

Source: CNN July 23, 2020 11:07 UTC