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LONDON, Sept 5 (Reuters) Silver, platinum and palladium prices climbed to three-month peaks and gold rose to a two-week high on Tuesday, with further gains possible when U.S. investors returned to the market after Labor Day.

Silver has risen more than 40 percent since falling to a four-month low of $9.38 an ounce in mid-June, but the metal is still some way off a 25-year peak of $15.17 hit in May.

Robin Bhar, analyst at UBS Investment Bank, said silver prices were rising faster than gold because of growing interest in exchange-traded funds, while gains in the yellow metal were perhaps capped by market talk of bullion sales by central banks.

''The outlook depends on the return of U.S. players. We could well see funds attracted to these higher prices. So we might see a bit of a rally from fund buying,'' he said.

The U.S. market reopens later in the day after the Labor Day holiday.

Spot silver rose as high as $13.14 an ounce, the highest since May 30, against $13.03/13.10 late in London on Monday. It was quoted at $13.12/13.19 by 1003 GMT.

Speculators have been betting on the metal on hopes that an exchange-traded fund (ETF) would attract more investment and reduce supply of the metal in the market.

Barclays Global Investors' ETF, called iShares Silver Trust, with the trading symbol SLV , trades on the American Stock Exchange like any listed security. Each share is worth 10 ounces of silver bullion.

Silver held in the ETF crossed the 100 million ounce mark on Wednesday, rising to a record 100.4 million ounces from 97.9 million at the start of last week. The metal held by the fund is now equal to more than 15 percent of annual global mine output.

''The recent increase in ETF holdings suggest investors are keen to hold the metal and will be one of the key drivers longer-term,'' said James Moore, precious metals analyst at the BullionDesk.com.

GOLD GAINS Gold prices were also higher, but traders were closely watching movements in oil and currency markets. Any rise in the dollar would make bullion costlier for other currency holders and might lower demand, dealers said.

Oil prices and the dollar were little changed on Tuesday.

Gold was at $629.20/630.20 an ounce, against the previous close of $626.30/627.30, but dealers said its failure to breach a key level of $635 disappointed some investors.

''The daily charts show the current levels are toppish.

Therefore, the best thing to do is to wait for a breakout, then you can go with the flow,'' said a dealer in Singapore, referring to a possible correction.

In other precious metals, platinum rose to $1,265 an ounce before easing to $1,260/1,265. The metal was quoted at $1,245/1,250 late in London on Monday.

Analysts said jewellery makers in China and Japan had begun to buy platinum ahead of the holiday season later this year.

Demand normally picks up in China, the world's largest consumer of platinum jewellery, in October during the National Day holiday and the Moon Cake Festival.

Palladium rose to $346 an ounce, the highest since June 6. It was last quoted at $345/350, versus $342/347.

REUTERS PKS RN1932