Surging silver prices causes gold-to-silver ratio to tick down slightly

The demand of precious metals buyers caused silver prices to surge on June 29, which caused the gold-to-silver ratio to retreat from its highest levels of 2012.

Silver prices were 5.1 percent higher at $27.67 per ounce by 9.03 a.m. EDT, according to Reuters. At the time, August Comex gold was trading $47.70 per ounce higher at $1,597.70, and spot gold was valued up 3 percent at $1,596.76 an ounce.

These price movements helped to push the gold-to-silver ratio down from its 2012 highs to 58.5, the media outlet reports.

The news source reports that spot platinum was 2.8 percent higher at $1,422.25 an ounce, and spot palladium was trading 2.6 percent higher at $575.69 an ounce.

A UBS note stated that there were no clear triggers for the price movements, and that "overall, the market's behaviour was not all that different from what we've seen all week: price action comes in sweeps, mostly on Comex, and stops get triggered along the way, amplifying the move," according to Reuters.

The document added that "it's no great surprise that silver and PGMs are leading the move higher."