• Precious metals – Gold, Silver, Platinum, Palladium - occupy an important place in our commodity ecosystem. 
• Silver, platinum, palladium increasingly used in industrial applications; they are not just precious metals, they double as industrial metals too.
• Perception about these metals is changing as we live in a world:  

- under VUCA conditions 
- facing geo-economic uncertainty and geopolitical instability 
- decarbonizing in accelerated energy transition
- marked by constantly evolving hi-tech devices in diverse areas (defense, space, healthcare, mobility) that use these metals 

• Reflects structural, fundamental, seasonal and sentiment-driven demand 
• Underscores gold’s unique role as both a hedge against geopolitical stress and a store of value in times of policy and institutional uncertainty 
• Fed resuming its rate cut cycle with a 25bp cut each in Sep and Oct as well as guidance for further cuts in 2025–26 have lowered yields, further enhancing gold’s appeal
• Historically, gold has outperformed during easing cycles 

• Monetary Policy; If inflation proves stickier than expected, major central banks can pause rate cuts
• USD: rebound in USD due improved US economic growth and capital flows will make USD a safe-haven 
• Central bank buying: from 2024 to 2025, demand slowdown visible. Improved FX stability may lead to further slowdown
• Geopolitics: Incipient signs of tensions easing are visible. Military war and trade war both are seen easing. It will reduce gold’s safe haven appeal
• Weak physical demand: China’s imports falling.  

• strongest in recent decades; outperformance outpaced other precious metals including gold. 
• Surge reflected severe market tightness, strong macro tailwinds and spill-over strength from gold. 
• Medium-term picture remains constructive. 
• Silver benefits from its dual role as precious metal and industrial metal. 
• Its safe-haven appeal mirrors gold’s drivers, while strong industrial demand from solar, EV and electronics sectors underpins “real consumption”. 
• Expect silver prices to remain elevated in 2026; but be cautious with volatility. 

• Categorized as precious metals; but have industrial uses. Used in automotive sector in vehicle catalytic converters.   
• Both supported by supply concerns, while fabrication demand side of the equation is not particularly strong.
• Palladium a volatile exchange traded commodity; may witness large price swings.    
• China recently started physically settled Futures contract.