Gold, silver ETFs soar amid escalating US-Iran war
What's the story
Gold and silver exchange-traded funds (ETFs) witnessed a sharp spike on Thursday. The surge was mainly due to the rising tensions in the Middle East, which increased demand for safe-haven assets like gold and silver. The weakening US dollar also contributed to this trend by making bullion more attractive for investors holding other currencies.
Market performance
Tata Gold ETF leads the charge
Among the ETFs, Tata Gold ETF saw the biggest jump of 5%, hitting a day's high of ₹16.45. Zerodha Gold ETF followed with a 3% rise. Other ETFs in this category such as Nippon India Gold ETF, Angel One Gold ETF, 360 One Gold ETF and The Wealth Company Gold ETF rose by 2% each while others gained 1% or remained flat.
Silver market
Silver ETFs also witness significant gains
The silver ETFs weren't far behind in this market rally. Zerodha Silver ETF witnessed the highest jump of around 3%, hitting a day's high of ₹27.88. Kotak Silver ETF, 360 One Silver ETF and Angel One Silver ETF gained 2% each while Mirae Asset Silver ETF rose by 1%. Other ETFs in this category remained flat during this period.
Futures market
Futures market reflects similar upward trend
In the futures market, MCX Gold contracts for April 2026 delivery rose by over ₹1,600 or 1% to ₹1,63,142 per 10gm. Silver contracts for May 2026 delivery surged by ₹8,700 or 3.2% to ₹2,74,251 per kg. This upward trend was mirrored in the international market where spot gold rose by 0.8% to $5,177.26 per ounce while US gold futures for April delivery gained by a similar margin at $5,186.40 per ounce as of Thursday morning.