Silver prices rise 4 percent. Gold up 1 percent.

Silver prices rebound after the precious metal's most volatile trading day in more than a year.

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    Silver prices rose 4 percent Wednesday after losing up to 4.4 percent Tuesday in a volatile trading day. When silver prices reach new highs, old silver coins (like these pictured in Amsterdam in October) are often remelted.
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Spot gold rallied by over 1 percent to hit an intraday peak above $1,410 an ounce on Wednesday, a day after its most volatile trading session in six months, while silver gained more than 4 percent.

Gold prices were bid at $1,408.05 an ounce by 0854 GMT, up by more than 1 percent on the day. Prices on Tuesday rose by as much as 1 percent before falling nearly 2 percent in their choppiest day of trade since mid-May this year.

Silver prices rose to session highs at $28.14, recovering after falling by as much as 4.4 percent on Tuesday in its most volatile day of trade since March 2009, according to Reuters data.

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The CME Group said on Tuesday it would raise margins on silver futures to $6,500 an ounce from $5,000. While margin changes are common in times of volatile trade, the change comes just days after New York-based investors sued JPMorgan Chase (JPM.N) and HSBC (HSBA.L) for conspiring to drive down the silver price.

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