Silver ETFs led the gains, with several funds rising close to 10% as physical silver prices stayed near historic highs.
Tata Silver ETF climbed 10% on January 23 to trade at ₹30.50 per unit, while ICICI Prudential Silver ETF rose 8.11% to ₹311.64 per unit. UTI Silver ETF, Aditya Birla Sun Life Silver ETF, Nippon India Silver ETF and Zerodha Silver ETF also traded higher.
Gold ETFs posted a comparatively smaller but broad-based rise, reflecting continued inflows into the metal. Edelweiss Gold ETF gained 3.43% to ₹155.45 per unit, while other funds such as Angel One Gold ETF, ICICI Prudential Gold ETF, UTI Gold ETF (Gold Beta) and Mirae Asset Gold ETF advanced up to 3%.
The move followed strength in international commodity futures, where gold traded near the $5,000 per ounce level on COMEX, while silver hovered around $98 per ounce, approaching the $100 mark.
The rally came a day after a sharp correction in precious metal ETFs. On January 22, gold and silver ETFs saw heavy selling pressure, with some silver ETFs falling as much as 21% in early trade, as bullion prices eased following signs of reduced geopolitical and tariff-related tensions after comments by US President Donald Trump.
Market participants said the rebound reflected renewed risk-off positioning as investors sought liquid exposure through regulated products such as ETFs.
Justin Khoo, Senior Market Analyst (APAC) at VT Market, said the surge in gold and silver ETFs showed investors were “repositioning toward safe-haven assets amid heightened global uncertainty,” supported by a softer US dollar, geopolitical risks and concerns around currency stability.
He added that while momentum remained intact, elevated price levels could lead to short-term volatility and profit-taking.
Tapan Patel, Fund Manager – Commodities at Tata Asset Management, said silver’s dual role as a precious and industrial metal could support returns, but its higher volatility warranted caution for retail investors.
He said silver may be better suited for tactical exposure rather than a core hedge, and advised staggered entries instead of chasing sharp moves, citing periods when ETF prices can temporarily deviate from underlying value during high-demand phases.
Patel also said investors already holding silver exposure may track the gold-to-silver ratio for portfolio decisions, noting that a compression toward the 50 level could prompt partial profit-booking and reallocation into relatively more stable gold ETFs.
First Published: Jan 23, 2026 12:20 PM IST