Gold-silver ratio, March 24 -- The gold-silver ratio, a key gauge used by commodity market investors, has been in an uptrend over the last two months, tracking a steeper fall in silver prices as against gold.

Both gold and silver prices are down from record highs as the crisis in the Middle East fanned inflation fears amid a crude oil spike, drove the US dollar higher and brought out the possibility of higher for longer US Fed interest rates. US spot gold prices are up just 1.8% YTD, and US spot silver prices have lost 8% even as a full-blown war rages between the US and Iran.

"One look at technicals for gold and silver prices reflects that war and geopolitical risk were already priced into valuations of precious metals, with a frenzied...