Silver reaches $70.62 after breaking $70 as Gate XAG open interest rises

Silver traded at $70.62 per ounce at 6:30 a.m. Eastern Time, up $2.28, or 3.33%, in 24 hours, after spot silver broke above $70 on Aug. 28 and reached $70.083, according to Bybit data cited by PANews. The metal was $58.39 a month earlier, up 20.94%, and $39.04 a year earlier, up 80.89%, although the source also describes its gain over the past year as nearly 25%. Earlier Gate data showed XAG, silver’s trading symbol, reaching $69.76 and trading at $69.30, while CoinGlass valued Gate’s outstanding XAG contracts at $72.8334 million. Industrial demand and investment interest supported silver’s decade-high performance, but the source notes its long-term returns have lagged stocks and says advisors typically recommend limiting silver to 10% to 15% of a portfolio and total precious-metals exposure to about 20%.

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