New Delhi, July 1 -- Gold prices witnessed a robust rally in the first half of calendar year 2025 (H1CY25), driven by strong safe-haven demand and a combination of supportive macroeconomic and geopolitical factors. The yellow metal outperformed most asset classes during the period, including silver and Indian equity benchmarks.

On the Multi Commodity Exchange (MCX), gold prices surged 26.5% during H1CY25, outpacing the 23% rally in silver prices. In contrast, India's key equity indices - Sensex and Nifty 50 - posted relatively modest gains of 7.2% and 8.1%, respectively, during the same period.

According to analysts, several key factors - such as geopolitical tensions, expectations around US interest rates, and currency fluctuations - h...