India's Gold and Silver Prices Soar, Experts Predict Further Gains
Gold and silver prices surged on August 21 in India, continuing their upward trend this month. The price of 24-carat gold rose by ₹2,419, bringing the cost of 10 grams to approximately ₹1.60 lakh according to the India Bullion and Jewellers Association (IBJA).
Silver also saw a massive jump, with the price of one kilogram rising by ₹6,623 to reach ₹2.44 lakh.
The rally in precious metals is not new, with gold up by ₹16,639 and silver up by ₹26,094 in just 21 days this month. This year's performance has been strong as well, with gold up by ₹27,000 so far.
Market experts believe that the rally is far from over. Anindya Banerjee, Senior VP & Commodity Research Head at Kotak Securities, pointed out that strong buying by global central banks and retail investors is keeping prices high.