New Delhi, Dec. 25 -- The year 2025 clearly belonged to commodities. Gold and silver sparkled with their best bull run since 1979, while Indian equities found themselves on the back foot, unable to put up a convincing show.

In the domestic spot market, gold prices have rallied a whopping 80% in a year. Its poorer cousin silver has rather outshone the yellow metal with a massive 150% surge. Against such a performance, Sensex's near 9% gain seems minuscule, clearly reflecting the investor preference for the precious metals this year.

A confluence of factors emerged as the tailwinds to the gold and silver price rally this year. The first and foremost has been the uncertain global environment. As US President Donald Trump imposed tariffs wo...