Silver rose by more than 1% yesterday following the news that silver demand in 2013 reached a record high of 1,081 million ounces (Moz). Overall demand was driven by a 76% increase in bullion bars, coins and jewellery.

Demand for investment grade bars more than doubled and sales of silver coins and medals increased by 38%. The amount of silver held in exchange traded funds remained flat in 2013.

The biggest increase in demand came from India where silver jewellery sales increased by over a third to the highest level since 2001.