Silver rose on Monday in a broad rally for precious metals, as investors reacted to reports indicating British Prime Minister Theresa May will soon signal the UK is ready to leave the European Union.

March silver futures rose 9 cents, or 0.5%, to $16.85 a troy ounce at 7:59 am ET. The grey metal opened in positive territory and saw a session high of $16.97.

The February futures contract for gold advanced $6.80, or 0.6%, to $1,203.00 a troy ounce, a fresh seven-week high.

Precious metals are in a three-week uptrend thanks to a slumping US dollar and stronger jewelry demand ahead of the Chinese new year. Demand for so-called safe-haven assets rose on Monday amid reports the United Kingdom was still on course for a “hard Brexit.” Prime Minister May will outline her plan for leaving the single market in a highly anticipated speech on Tuesday.

Brexit jitters led to a sharp drop in the British pound on Monday. The pound fell 1.5% against the dollar in overnight trade, reaching a session low of 1.1999 US. At last check, it was down 1% at 1.2064.

Source: Economic Calendar

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