Silver ETFs have gone from a high-octane rally to a period of consolidation. After delivering a stunning 161 per cent return in 2025, the category has gained just 2.4 per cent so far in 2026. The cooling is visible across key indicators. AUM fell 33% from its January peak of ₹1.17 lakh crore to ₹77,676 crore in July. The sharpest change has been visible in trading activity, with exchange volumes falling more than 90% from January highs, indicating that speculative enthusiasm has cooled. Yet the relatively stable folio base suggests investors continue to view silver as a strategic portfolio allocation rather than a short-term trade.
Published on August 18, 2026