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.

Koen Suyk/ANP/Newscom/File
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.

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.

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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