New Delhi, Oct. 9 -- Gold and silver prices have witnessed a sharp rally amid heightened global uncertainties, with multiple factors driving safe-haven demand for precious metals. Alongside, base metals too have surged to record highs, supported by strong industrial demand and supply disruptions.

Global commodity markets appear to be in the midst of a cyclical upswing. Gold prices have gained over 55% year-to-date (YTD), driven by geopolitical tensions, trade disruptions, and a weaker US dollar. Central banks have remained steady buyers, while gold-backed ETFs recorded their highest monthly inflows in more than three years in September.

Silver prices have outperformed gold this year, with Comex silver prices rising about 70% YTD and MCX...