Silver for immediate delivery climbs most since December 2014 (Bloomberg)

Silver for immediate delivery climbed as much as 8.7% to $27.7207 an ounce, the biggest intraday increase since December 2014. The metal rose 2.9% on Wednesday and slumped 15% on Tuesday.

The Bloomberg Dollar Spot Index headed for a second straight decline.

“The dollar index broke down a bit today, but there’s a lot of people that are on the sidelines that are looking to get back in and are chasing back into gold and silver right now,” Phil Streible, chief market strategist at Blue Line Futures in Chicago, said by phone.