Silver climbed 0.9% to $17.66 on Thursday as a surge in the number of new coronavirus cases in China dashed hopes that the epidemic was slowing and drove investors to safe-haven assets.
The gold to silver ratio subsequently dropped 0.5% to 89.10 indicating silver to outperform gold in the short term.
Hubei reported 242 new deaths and confirmed 14,840 new cases as of Wednesday, a dramatic rise from the 2,015 new cases a day earlier.
This is the fastest rise in the daily death count since the outbreak, investors are now looking for any information regarding the economic impact of the epidemic.
Meanwhile, Federal Reserve Chair Jerome Powell on Wednesday said he expected some drag "soon" from the virus, even though he reaffirmed confidence in the U.S. economic outlook.
Where are commodity prices heading next? Watch Phil Carr at The Gold & Silver Club review Silver with the latest price forecast and predictions:
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