With Diwali just around the corner, silver prices are continuing their meteoric rise, and experts say the rally is far from over. After hitting an all-time high near $53 per ounce in global markets, silver is facing intense demand and tight supply, pushing premiums higher in India.

“Looking at what is happening around us, I think there is a lot of shortage of silver,” said Nitesh Jain of Purple Jewels. “It’s not just the Diwali hype. The central banks are buying, the governments are buying, and the industries want to safeguard their future prices. Silver is moving higher and higher.”

Jain said the metal remains undervalued despite the record levels. “We have broken the all-time highs, and probably silver will create a new, bigger high—maybe somewhere around $60 to $65 per ounce,” he adde

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