Philip Newman, MD of Metals Focus, believes there is further upside for both gold and silver in the coming months.

He said, "We expects gold to set new highs in US dollar terms. We do think that it will break through USD 2000 again and as we go through this year it is likely to get to USD 2100 and perhaps even higher as well."

"Silver is a far smaller market and it is already doing very well. The gold-silver ratio is down to around the 70 levels. We think the ratio will fall further. As silver being a smaller market it does tend to outperform gold to the upside. So we think we could comfortably get to USD 30 as we go through this year", Newman said.

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(Edited by : Bivekanda Biswas)