India, Aug. 24 -- Gold and silver prices are ending August with a sharp rally. Gold prices have risen about 15% this month, while silver prices have jumped around 19%. The rally has added huge value to the precious metals market. Together, gold and silver have gained nearly $5 trillion in market value in August, based on an analysis from Bull Theory.

Despite the strong August gains, both metals are still below their record highs from earlier this year. This means the recent rally has not yet pushed gold and silver back to their previous peak levels, according to Yahoo Finance. Several major factors are pushing precious metals higher. These include changes in monetary policy, rising geopolitical tensions in the Middle East and continued c...