Gold, silver ETFs rebound up to 5% as weak US data raise Fed easing hopes

Gold and silver exchange-traded funds (ETFs) rose up to 5 per cent on Wednesday, driven by expectations of a more dovish US Federal Reserve following weak US data that indicated slowing consumer spending and rising growth concerns.

 

Tata Gold ETF led the gains, climbing nearly 5 per cent to an intraday high of ₹15.8. Union Gold ETF rose 3 per cent, while Baroda BNP Paribas Gold ETF, Axis Gold ETF, DSP Gold ETF, Zerodha Gold ETF, and Angel One Gold ETF advanced up to 2 per cent.

 

In silver, Zerodha Silver ETF surged around 4 per cent, Tata Silver ETF gained 3 per cent, and Axis Silver ETF and Mirae Asset Silver ETF rose up to 2 per cent during the session.

 

The ETF movements closely mirrored underlying bullion prices. On the Multi Commodity Exchange (MCX), April 2026 Gold futures traded at ₹1,57,909 per 10 grams, up 0.71 per cent, while March 2026 Silver futures stood at ₹2,59,300 per kilogram, up 3 per cent.

 

The rebound follows a short-term correction from the strong gains seen through 2025 and early 2026, driven by profit-taking and changing macro expectations. 

Gaurav Garg, research analyst at Lemonn Markets Desk, said the rebound was supported by a softer US dollar and steady safe-haven demand. The metals recovered after last week’s sharp swings, as traders positioned ahead of macro data and policy cues. 

 

"Silver remained more volatile, reflecting speculative flows and short-term profit-booking. Domestic buying interest and international cues lifted prices, while profit-taking was seen near intra-day highs. Near-term consolidation is likely, with key support levels for gold at ₹1.54–1.55 lakh and silver at ₹2.40–2.45 lakh," he said. 

 

However, market sentiment remains cautiously bullish amid ongoing macro uncertainty, he added.

 

Data from the Association of Mutual Funds in India (AMFI) showed that net inflows into gold ETFs surpassed those into equity schemes in January 2026. The combined assets under management (AUM) of gold and silver ETFs crossed ₹3 lakh crore, a record high. 

 

Saugata Chatterjee, president and chief business officer at Nippon India Mutual Fund, said, investors are keeping gold as part of portfolios, both as a long-term allocation and as a hedge, while steadily increasing the use of transparent, market-linked products. Retail investors should stay diversified, match products to their time horizon, and continue systematic investing rather than reacting to short-term market noise.

 

Aamir Makda, commodity and currency analyst at Choice Broking, said most gold and silver ETFs in India have rebounded after their recent fall from all-time highs.

 

“Gold ETFs have rebounded to 50 per cent of the Fibonacci retracement level of their recent fall and are consolidating over the past couple of sessions. Most ETFs continue to sustain above their respective 50-DEMA levels - Mirae Asset Gold ETF at 139.55, GoldBees at 118.68, and CHOICEGOLD at 141.90,” Makda noted. 

 

These levels are seen as crucial support areas. With gold prices holding above ₹1,50,000, gold ETFs are expected to maintain a sideways-to-bullish momentum.

 

Silver ETFs, in contrast, have underperformed. Most have recovered only around 23 per cent of the recent fall’s Fibonacci retracement. SilverBees has started trading above its 50-DEMA of ₹233.15, indicating a moderately bullish but sluggish trend for silver-linked ETFs. 

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