Breaking the downtrend of several months, precious metals recovered sharply in August. The expectations around interest rate hike by the U.S. Federal Reserve played a key role in influencing the prices. The weakening of the U.S. Dollar too helped precious metals stage a recovery in August.

Comex gold gained 9.73 % in August to settle at $4,497.3/ounce by month end. Comex silver posted an even better performance gaining 16.32% to settle at $67.2/ounce.