Indian gold and silver ETFs rally as bullion prices surge
Business
Gold and silver ETFs in India just had a big day, thanks to a global surge in bullion prices.
Gold ETFs climbed 2% to 2.5%, with Union Gold ETF leading at 2.55%.
Silver did even better: Tata Silver ETF shot up 4.33% and HDFC Silver ETF rose 4.28%.
Gold hits ₹158,390 per 10gm
Gold prices at home hit ₹158,390 for 10gm, while global gold briefly crossed $4,500 an ounce.
The main reason? US bond yields fell after Treasury buybacks, making gold more attractive than interest-paying assets.
Plus, a weaker US dollar made it easier for international buyers to jump in.
Traders are now watching the Federal Reserve closely to see if these trends will stick around.