U.S. silver hits contract high above $17 on specs

NEW YORK, Jan 31 (Reuters) - U.S. silver futures accelerated gains to reach a record high above $17 an ounce by midday on Thursday, fueled by heavy speculative demand and strong gains in platinum and gold.

At 12:12 p.m. EST (1712 GMT), the active silver contract for March delivery SIH8 on the COMEX division of the New York Mercantile Exchange jumped 25 cents, or 1.5 percent, to $17.010 an ounce. Just moments earlier, the March contract had reached a contract high of $17.040. (Reporting by Frank Tang)