Silver hit the highest since 2012 as expectations for additional interest-rate cuts from the Federal Reserve help to boost precious metals.

The white metal climbed as much as 2.5% to $32.614 an ounce on Thursday, extending this year’s gain to 37%. Its advance came during a broad rally for precious metals, with gold hitting another record.

Silver is one of the year’s best-performing major commodities as the Fed’s pivot toward easier policy last week, and the prospect of additional rate cuts, benefit the non-yielding metals. Gains have been supported by the possibility of increased industrial use as China moves to boost its economy, while flows into silver-backed exchange-traded funds have shown signs of picking up.

Silver for immediate delivery traded 2.2% higher at $32.5155 an ounce at 12:23 p.m. in London. Prices remain well below the all-time peak of almost $50, which was set in 2011.