Gold, Silver ETFs rise 2% as West Asia tensions drive safe-haven buying

Gold and silver ETFs were in demand in the week's first trading session, rising over 2% as safe-haven buying surged amid West Asia tensions

Gold and silver ETFs price today: Gold and silver exchange-traded funds (ETFs) witnessed strong demand on Monday, March 30, as investors returned to safe-haven assets amid the fifth week of escalation in the West Asian conflict, prompting cautious selling in global equity markets.  Notably, the conflict has intensified, with Israeli Prime Minister Benjamin Netanyahu ordering the military to expand operations in southern Lebanon, while US President Donald Trump suggested that Washington could consider “taking the oil in Iran.”

Gold, silver ETF prices today

Gold ETFs continued to trade higher. At last check: ICICI Prudential Gold ETF was up 2.19 per cent, Groww Gold ETF gained 2.10 per cent, Axis Gold ETF rose 2 per cent, Union Gold ETF was up 1.94 per cent, DSP Gold ETF gained 1.95 per cent, Nippon India ETF Gold BeES rose 1.91 per cent, SBI Gold Exchange Traded Scheme (Growth Option) was up 1.91 per cent, and Invesco India Gold ETF was higher by 1.84 per cent.

 

 

Silver ETFs also advanced on Monday. UTI Silver ETF rose 2.7 per cent, Motilal Oswal Silver ETF gained 2.02 per cent, Groww Silver ETF was up 2.10 per cent, Zerodha Silver ETF rose 2.15 per cent, 360 ONE Silver ETF gained 1.84 per cent, HDFC Silver ETF was up 1.85 per cent, DSP Silver ETF rose 1.94 per cent, Axis Silver ETF gained 1.67 per cent, Aditya Birla Sun Life Silver ETF was up 1.56 per cent, and ICICI Prudential Silver ETF rose 1.57 per cent.

MCX futures trade with marginal gains

Gold and silver futures on the Multi Commodity Exchange (MCX) traded with marginal gains on Monday. Gold May futures were quoted at ₹1,45,980 per 10 gm, up 0.03 per cent, while Silver May futures rose 0.35 per cent to ₹2,28,750 per kg.

 

According to Ponmudi R, CEO, Enrich Money, the near-term bias for MCX gold futures remains cautious, supported by underlying strength in prices, with macro uncertainty and geopolitical developments expected to continue driving momentum. For silver futures, the outlook is also cautious, with price action largely dependent on sustaining key resistance levels amid ongoing geopolitical and macro developments.

 

“The current price movement in MCX gold indicates underlying buying interest at this level despite some intraday volatility. Price action suggests resilience at higher levels, keeping the broader tone cautious,” said Ponmudi.

 

“On the upside, the ₹1,49,000–₹1,50,000 zone remains the immediate resistance. A sustained move above this could strengthen bullish momentum and open the path toward ₹1,53,000, with further potential toward ₹1,58,000, where supply pressure may emerge. On the downside, a break below ₹1,44,000 could trigger extended profit booking, potentially dragging prices toward the ₹1,43,000 range,” he added.

 

For silver, Ponmudi noted that current levels indicate underlying strength despite intermittent resistance at higher levels. “The ₹2,32,000 mark serves as the immediate resistance. A sustained move above this could trigger a recovery toward the ₹2,37,000–₹2,40,000 zone. On the downside, a decisive break below ₹2,20,000 may accelerate the decline toward ₹2,15,000, with further downside potential extending toward ₹2,00,000–₹2,05,000, which remains a crucial structural support,” he said.

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(Disclaimer: Views and recommendations are those of the brokerage/analyst and are not endorsements. Readers should exercise discretion.)