Silver prices rise even amid Indian import duty increase

Silver prices surged on August 14, rising in value even as global market participants responded to news that India will have higher import duties for the commodity.

Such news could be very helpful to those who purchase precious metals.

Silver was 1.2 percent higher at $21.64 an ounce by 14:42 GMT, having reached a two-year high of $21.76 per ounce on the day before, Reuters reports. August 14 was the sixth day in a row that the commodity had risen in value.

These sharp gains happened even as the Reserve Bank of India announced that the duty levied for imports of silver will rise to 10 percent from the prior level of 6 percent, according to MarketWatch.

The duty that will be levied for shipments of gold into the Asian nation was also increased, the media outlet reports. This move could impact silver since the two metals frequently follow each other in their price movements.

One strong use of both of these commodities is retirement planning, since their prices frequently do not correlate with those of other asset classes such as stocks. This scenario makes them helpful for diversification efforts.

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