Spot silver prices climbed further on Wednesday, rising above $90 an ounce for the first time on record as the rally in precious metals extended across global markets. Silver on the New York-based COMEX exchange also strengthened sharply, at one point rising more than 4% during the session. In China, the most-actively traded silver futures contract on the Shanghai Futures Exchange jumped more than 7% and has gained over 30% so far this year. The gains come amid strong investor demand for precious metals, driven by a combination of geopolitical uncertainty, expectations of easier monetary policy later this year and continued buying by both institutional and retail investors, traders said. Silver’s rally has outpaced gold in recent weeks, reflecting both its role as a safe-haven asset and its importance as an industrial metal used in solar panels, electronics and electric vehicles. Market participants said that tight physical supply, rising investment inflows into precious metals and speculative momentum have contributed to the sharp move higher.