Gold and silver extended their gains on Friday, keeping the bullion outlook firmly positive, with analysts viewing silver as relatively cheaper than gold and offering further upside potential.

On the MCX, gold rose Rs 324, or 0.20%, to Rs 1,59,320 per 10 grams, after touching an intraday high of Rs 1,59,741. Silver climbed Rs 2,699, or 1.12%, to Rs 2,43,350 per kg, hitting a high of Rs 2,44,950. Silver also staged a strong recovery from its intraday low of Rs 2,39,049.

renewed buying in precious metals, a softer US dollar and easing inflation concerns have supported the latest recovery. Lower crude oil prices have reduced fears of further US Federal Reserve rate hikes, while continued central-bank gold purchases and ETF inflows are adding strength to the market.

Market participants will now closely track US Fed commentary, including Chair Kevin Warsh’s remarks at the Jackson Hole Symposium, for cues on the future interest-rate path.

With gold near record-high levels, analysts see silver as relatively undervalued, keeping the white metal firmly on investors’ radar.