On Monday morning the price of gold has hit a new all-time high of over $1,600 per ounce, as the price of silver has been going up as well and is expected to gain in strength.

The eleven-day rise in gold price has been the longest growing streak since January 1980. The gold price climbed 3.2% last week on the way to its record high.

According to Gold Alert, with Monday’s advance, the gold price extended its monthly and year-to-date gains to 6.6% and 12.5%, respectively.

Silver gained $0.80, bringing it to $40.11 per ounce. Silver rose 6.6% last week, reaching a ten-week high. The silver price has reached 14.5% in June and 28.5% in the current year. The Philadelphia Gold & Silver Index (XAU) posted a weekly gain of 4.3%, while  Newmont Mining (NEM) and Randgold Resources (GOLD), climbed 4.7% and 5.1%, respectively.

“Silver is looking reasonably good in the second half, as prices have been basing around $35, and is not losing momentum any more,” said Australia & New Zealand Banking global head (commodity research) Mark Pervan.

“I usually buy gold and silver jewelry at the time of the Diwali festival,” said Vikram Patil, a cotton farmer from Jalgaon, Maharashtra. “If my earnings improve, I will invest more in jewelry,” Patil added.