Analysts believe the bullion rose as the US Fed rate hike is largely discounted by the market. Meanwhile, a fall in oil prices for the third straight day softened inflation concerns.
North American demand, according to the report, was relatively modest early in the month before accelerating sharply during the week of 17 August when funds added roughly $4 billion.
Despite the recent decline in Gold ETFs, experts are advising investors to gradually increase their exposure. Gold ETFs can deliver healthy returns over the long term
Gold and Silver ETFs dipped 1% in Wednesday's trade due to a fall in precious metal prices. Analysts say gold is falling as fears of higher-for-longer US interest rate environment strengthened the US$
The outflow could reduce import demand in the world's second-largest gold consumer, helping narrow the trade deficit and support the rupee, one of Asia's worst-performing currencies
Gold and silver ETFs jumped up to 7% after the government raised import duties on precious metals, triggering a sharp repricing in India's domestic bullion market
The government imposed a 10 per cent basic customs duty along with a 5 per cent Agriculture Infrastructure and Development Cess (AIDC), aiming to curb imports of the previous metals
MCX Silver opened with a slight gap up and is trading within the ₹280,000-₹282,000 zone, sustaining well above the ascending trendline as bullish momentum builds