Exchange-traded funds (ETFs) linked to gold and silver recorded strong gains of up to 7 per cent on the Multi Commodity Exchange (MCX) on Tuesday as prices of precious metals opened significantly higher. The rally was aided by weakness in the U.S. dollar after U.S. President Donald Trump suggested that the conflict in the Middle East could soon come to an end.
Among silver-based funds, Tata Silver ETF posted the sharpest rise, climbing about 10 per cent to reach an intraday high of Rs 26.74, compared with its previous closing level of Rs 25.06. Other ETFs in the same segment advanced roughly 4 per cent to 5 per cent.
In the gold ETF category, Zerodha Gold ETF led the gains on Tuesday, rising 3 per cent to touch a day’s high of Rs 25.72. Other gold-backed ETFs registered increases of around 1 per cent to 2 per cent, while some remained largely unchanged.
