Gold, silver: Bullion exchange-traded funds (ETFs) staged a broad-based rebound on Wednesday as improving risk sentiment and softer US macroeconomic data revived expectations of monetary easing by the Federal Reserve. The move followed signs of slowing consumer spending and rising growth concerns in the US, which strengthened the appeal of gold and silver as portfolio hedges.
Gold ETFs traded largely higher, tracking firm bullion prices both globally and on domestic exchanges. Tata Gold ETF was quoted at ₹15.06, up 0.27%, while Nippon India ETF Gold BeES edged up 0.05% to ₹128.41. Zerodha Gold ETF traded at ₹24.45, gaining 0.12%, and ICICI Prudential Gold ETF rose 0.04% to ₹133.01. HDFC Gold ETF stood at ₹132.60, higher by 0.08%, while SBI Gold Exchange Traded Scheme gained 0.05% to ₹132.39.
Silver ETFs
Silver ETFs showed mixed performance, reflecting lingering volatility in the metal. Tata Silver ETF rose 0.57% to ₹24.86, SBI Silver ETF gained 0.44% to ₹249.32 and Axis Silver ETF climbed 0.52% to ₹253.62. Mirae Asset Silver ETF and DSP Silver ETF also posted gains, while Edelweiss Silver ETF declined 0.80% to ₹254.45. Groww Silver ETF, Motilal Oswal Silver ETF and Bandhan Silver ETF saw marginal losses, indicating uneven investor positioning.
Gold, silver prices
ETF movements closely mirrored underlying futures prices. On the Multi Commodity Exchange (MCX), April 2026 gold futures traded at ₹1,57,909 per 10 grams, up 0.71%, while March 2026 silver futures surged 3% to ₹2,59,300 per kilogram. The rebound follows a short-term correction from the sharp rally seen through 2025 and early 2026, driven by profit-booking and shifting macro expectations.
Saugata Chatterjee, president and chief business officer at Nippon India Mutual Fund, said investors continue to view gold as a core portfolio component, both as a long-term allocation and as a hedge against uncertainty. He added that retail investors are increasingly favouring transparent, market-linked products and should stay diversified, align investments with time horizons, and avoid reacting to short-term market noise.
From a technical perspective, Aamir Makda, commodity and currency analyst at Choice Broking, said most gold and silver ETFs have rebounded after falling from all-time highs. He noted that gold ETFs have retraced around 50% of their recent decline and are consolidating above key moving averages, suggesting a sideways-to-bullish bias as long as domestic gold prices hold above the ₹1,50,000 level.
Makda added that silver ETFs have lagged gold in the recent recovery, with prices rebounding only around 23% of their prior decline. While the broader trend remains moderately bullish, he cautioned that silver ETFs may continue to underperform gold in the near term.
Highlighting structural trends, Hemen Bhatia, executive director and CEO of Angel One AMC, said passive investing in India is accelerating. Passive AUM rose from ₹14.20 lakh crore in December 2025 to ₹15.02 lakh crore in January 2026, while silver ETF AUM jumped sharply to ₹1.17 lakh crore, signalling growing investor interest in commodities beyond equities.
Ponmudi R, CEO of Enrich Money, said MCX gold futures remain in a long-term bullish structure despite near-term consolidation, while silver futures are stabilising after a steep correction, with key support levels likely to guide the next directional move.
Bullion over gold, silver
Mutual fund investors significantly raised their exposure to precious metals in January, riding the strong rally in gold and silver prices. For the first time, monthly inflows into gold and silver schemes surpassed those into equity funds, long seen as the industry’s main growth engine.
Gold and silver exchange-traded funds (ETFs) attracted ₹33,503 crore in January, more than double December’s ₹15,600 crore, extending a trend that began in November. In contrast, equity mutual fund inflows declined 14% month-on-month to ₹24,029 crore, even as systematic investment plan (SIP) collections remained steady at ₹31,002 crore.
Hemen Bhatia, Executive Director and CEO of Angel One AMC, said passive investing in India is gaining momentum, with passive AUM rising from ₹14.20 lakh crore in December 2025 to ₹15.02 lakh crore in January 2026, as per AMFI data. He highlighted the surge in silver ETFs, whose AUM jumped from ₹72,652 crore to ₹1.17 lakh crore in a month, reflecting growing investor interest in diversification beyond equities.