Gold, silver ETFs climb up to 7%: What’s behind the surge
Published on 02/03/2026 12:34 PM
Gold, silver ETFs climb up to 7%: What’s behind the surgeTata Silver ETF surged over 7% as ICICI Prudential Silver ETF, SBI Silver ETF, and Nippon India Silver ETF rose 6% amid West Asia tensions and US-Israel strikes on Iran.By Anshul March 2, 2026, 12:34:10 PM IST (Published)2 Min ReadGold and silver exchange-traded funds (ETFs) jumped sharply on Monday (March 2) as investors sought safe-haven assets following escalating geopolitical tensions in West Asia.
Tata Silver ETF led the rally, rising over 7%, while ICICI Prudential Silver ETF and SBI Silver ETF climbed more than 6% each. Nippon India Silver ETF also advanced over 6%.
On the gold side, ICICI Prudential Gold ETF and Tata Gold ETF gained over 5%, while Nippon India Gold ETF and SBI Gold ETF rose 4–5%.
Why the surge?
Analysts point to strong underlying bullion prices triggered by geopolitical uncertainty.
On the Multi Commodity Exchange (MCX), silver for May delivery jumped ₹10,508, or 3.72%, to ₹2.93 lakh per kilogram, while gold for April delivery rose ₹5,811, or 3.6%, to ₹1.67 lakh per 10 grams.
Globally, Comex silver futures for May delivery gained $4, or 4.3%, to $97.30 per ounce, while gold rose $161.8, or 3.08%, to $5,409.7 per ounce.
“The ETF rally is driven by investors reallocating funds from equities and sovereign bonds to safe-haven assets as tensions in the Middle East escalate,” said Manav Modi, Commodities Analyst at Motilal Oswal Financial Services Ltd.
The spike follows US-Israel strikes on Iran and Iranian missile retaliation across the region. Rajeev Sharan, Head – Criteria, Model Development & Research at Brickwork Ratings, noted, “For India, higher bullion demand comes alongside risks of rising oil prices, which could feed into inflation and affect the RBI’s policy outlook.”
Investors are closely monitoring global macroeconomic cues, including US labor market data and manufacturing indicators, which could influence bullion and ETF flows in the coming days.Continue ReadingNote To ReadersDisclaimer: This article is for informational purposes only and should not be construed as investment advice. Readers should consult certified experts before making any investment decisions.TagsETFsexchange traded fundsgoldGold ETFssilver