RPM reported net profit of Dh49.39 million during 2023
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Spot silver jumped just over 2.5 per cent to a peak of $12.79 a troy ounce, but then trimmed gains to $12.69/74 by 1442GMT, still up sharply from $12.47/12.57 in New York on Wednesday.
"It seems to be in solid hands. It has done extremely well and bucked the trend of many other (commodities). There is strong investment demand," one trader said.
Dealers were also hearing that a big U.S. managed futures fund had been buying up silver. Silver's profile has been boosted in recent months via an exchange-traded fund (ETF), allowing investors to buy a share in bullion that is then traded on the American Stock Exchange.
Prices have surged by some 35 per cent since hitting a low of $9.38 in the middle of June on concerns the growing popularity of the ETF would suck in a significant chunk of the metal supply.
Gold prices rose 14 per cent in the same period.
RPM reported net profit of Dh49.39 million during 2023
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