As global economic uncertainty persists, stock markets have wavered, and investors are seeking stability in traditional safe havens. Precious metals have surged to historical highs, with the commodities index for gold and silver skyrocketing far above other categories. This recent and rapid climb, McKinsey’s Arvind Govindarajan, Shubham Singhal, Jeffrey Condon, and coauthors explain, distinguishes precious metals from other major commodities, such as energy and industrial metals, which have experienced more moderate fluctuations.
To read the article, see “Global Economics Intelligence executive summary,” March 26, 2026.