Gold prices have surged to an all-time high of Rs 49,300 in the domestic market led by investment demand amid economic growth uncertainty due to the COVID-19 pandemic. The yellow metal has surpassed most of the asset classes and has given over 25 percent returns so far this year.

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Experts feel the gold prices may surge to Rs 60,000 per 10 grams in the near term.

Besides gold, analysts believe silver and nickel may perform well going ahead.

"The gold-silver ratio has fallen down from its high in April. This says that the investors are more attracted to silver. The excess of liquidity in the global markets augurs well for silver. While, we expect gold prices to be capped near Rs 58,000-60,000 per 10 grams level in the next six months, silver may see a huge rally going ahead," said Ajay Kedia.

Further, with the improvement in the economy, silver prices are also expected to recover and tend higher, Kedia added.

Among base metals, copper, which is used as a gauge of economic health, has recovered from a sell-off sparked by the COVID-19 pandemic. The metal prices have risen 2.7 percent so far this year.

With the economy opening up, industrial demand for copper has picked up. Supply concerns in a major exporter country has also fuelled the recent surge in copper prices.

"On MCX, copper prices have surged more than Rs 80 in one month. Increase in month-on-month demand in China along with supply concerns in Chile have lifted copper prices at highest in over a year," Kedia said.

It is important to note that Chile is the world's largest producer of copper while China is the top consumer for the metal. Chinese copper demand increased by 4 percent in the June quarter. Meanwhile, Chile’s production has been hit due to a rise in coronavirus infection cases in the country.

However, analysts do not expect copper prices to rise going ahead as it is "already expensive".

"At this high level, copper prices seem expensive and may not sustain if pandemic fears continue to linger on economic recovery," Kedia added.

Meanwhile, analysts see Nickel prices more attractive as against the copper. The steel demand is estimated to rise across countries leading to a growth in nickel demand. Nickel prices have risen over 15 percent since April on MCX.

The outlook for Nickel remains bullish and the prices are expected to rise going ahead as experts feel the surplus production has come down.