Investing.com - Silver prices rallied to 11-month highs on Thursday and gold rose to one-and-a-half week highs as higher oil prices fed into a stronger tone across commodities.
Silver futures for May delivery were at $17.43 an ounce at 1208 GMT after rising to highs of $17.62 earlier, levels not seen since May 2015.
Gold futures for June delivery were up 0.65% at $1,262.4 an ounce.
Oil prices were near 2016 highs on Thursday after the International Energy Agency said it expects the oil market to rebalance from oversupply by next year.
Global shares rose and the dollar remained firm, but stronger market sentiment failed to undermine the safe have appeal of precious metals.
Silver has now gained 26% this year, compared to gold’s almost 19% rise.
With more than 50% of silver demand coming from industry, prices have been boosted by recent indications that China’s economy is stabilizing after a turbulent start to the year.
Still, gold prices posted their strongest quarterly gains in 30 years in the first quarter of 2016 as global growth concerns and investor uneasiness about negative-interest-rate policies in Japan and Europe bolstered investor appetite for bullion.
Demand for the metal was also underpinned by the view that the Federal Reserve is likely to stick to a cautious approach on future interest rates increases.
Higher U.S. interest rates would boost the greenback by making it more attractive to yield-seeking investors, while weighing on gold by making it more expensive for holders of other currencies.
Investors were looking ahead to a European Central Bank meeting later in the day, at which no fresh policy measures were expected, for any impact on the dollar.
Elsewhere in precious metals trading, copper for May delivery climbed 0.8% to $2.256 a pound.