Gold And Silver ETFs Rise Up To 4% As Precious Metal Prices Climb

Gold and silver exchange-traded funds (ETFs) witnessed strong buying on Tuesday, March 10, following a rise in global precious metal prices.

Around 10:48 AM, several silver ETFs posted notable gains. DSP Silver ETF and Axis Silver ETF were up nearly 4% each.

Other funds such as HDFC Silver ETF, Mirae Asset Silver ETF, and Tata Silver ETF were also trading higher, gaining more than 3%.

Gold ETFs See Mild Gains

Gold ETFs also moved higher but with comparatively smaller gains.

LIC MF Gold ETF rose about 1.16%, while Union Gold ETF gained 0.87%.

Meanwhile, Groww Gold ETF, Tata Gold ETF, Axis Gold ETF, and HDFC Gold ETF were trading with gains between 0.58% and 0.77%.

Weak US Dollar Supports Precious Metals

The rise in precious metals came after the US dollar weakened by about 0.3%. The dollar’s safe-haven demand eased amid expectations that the ongoing conflict in West Asia may remain limited.

The currency pulled back after Donald Trump indicated that the military action against Iran was largely completed, which also helped calm global markets.

Read More: Mutual Funds Reduce Stakes in 9 of 10 Indian IT Stocks.

Gold And Silver Prices Rise Globally

In the international market, spot gold increased about 0.5% to $5,161.54 per ounce, while spot silver climbed 1.4% to $88.25 per ounce.

On the Multi-Commodity Exchange of India (MCX), precious metal futures also moved higher.

• Gold April futures rose 1.06% to ₹1,62,000 per 10 grams.
• Silver May futures gained 3.31% to ₹2,76,000 per kilogram.

Conclusion

Gold and silver ETFs gained as global precious metal prices climbed due to a weaker US dollar and easing geopolitical concerns. 

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