Gold, Silver Prices In India: The Exchange Trade Funds (ETFs) of silver and gold have seen a sharp surge up to 8 per cent on Tuesday, following the rise in prices in both commodities. Some silver ETFs jumped
almost 8 per cent, while gold ETFs saw a gain of over 2.85 per cent in the morning.
Around 11:00 PM, Groww Silver ETF was up 7.64 per cent to trade at Rs 239.53 per unit. Meanwhile, ICICI Prudential Gold ETF traded 2.85 per cent higher to Rs 127.78 per unit.
On MCX, gold futures surged 2.86 per cent to trade at Rs 1,48,106 per 10 grams, while silver futures traded 6.6 per cent higher to Rs 2.51 per kg.
At COMEX, silver futures surged 7.91 per cent to $83.10 per ounce. Meanwhile, gold futures are up 4.15 per cent to $4,845 per ounce.
Gold prices in India saw a sharp fall on February 2, extending the correction from their record highs. Silver prices also followed a similar trend. At present, MCX gold is down about 24% from its peak, while MCX silver has plunged nearly 42% from its highest levels.
The correction was amplified by extreme overbought conditions after gold and silver touched unprecedented highs just days earlier, with silver having surged more than 60% in a month and gold over 20%. Profit taking cascaded into panic selling as liquidity thinned and volatility spiked, according to Hareesh V, Head of Commodity Research, Geojit Investments Limited.
| ETF Name | Type |
|---|---|
| Nippon India Gold ETF | Gold |
| HDFC Gold ETF | Gold |
| ICICI Prudential Gold ETF | Gold |
| SBI Gold ETF | Gold |
| Axis Gold ETF | Gold |
| Nippon India Silver ETF | Silver |
| ICICI Prudential Silver ETF | Silver |
| HDFC Silver ETF | Silver |
| Mirae Asset Silver ETF | Silver |
| DSP Silver ETF | Silver |
