Indian investors flock to silver as returns overtake those from gold

Indian investors, traditionally obsessed with stockpiling gold, are increasingly turning to silver, which was trading near a 14-year high on Monday, as its returns this year outpaced those of gold.

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Imports fill most of the demand in the world's largest consumer of silver, where domestic prices touched a record high of 114,875 rupees ($1,336) a kg as a production shortfall spurred investors' hopes for a further rally.

"Gold's done pretty well for me over the last couple of years," said Umesh Agarwal, a regular buyer of gold coins, who recently made his first purchase of a one-kilogram bar of silver.

"Now I'm hoping silver follows the same path and gives similar returns."