Gold and silver exchange traded funds continued their downtrend amidst the raging war in West Asia , as the underlying precious metals prices were at the mercy of sellers.
All silver ETFs closed in the red and have plunged 14-16 per cent since the start of this month. Gold ETFs also dipped 8-10 per cent after ending the day deep in the red.
Axis Gold and Ipru Gold ETFs have lost 9 per cent each since start of this month while most other gold ETFs including Nippon India Gold BeeS, SBI Gold, Kotak Gold, Zerodha Gold, DSP Gold ETFs were down 8 per cent each.
Among silver ETFs, HDFC Silver fell 16 per cent while SBI Silver, DSP Silver, UTI Silver and Kotak Silver ETFs dipped 15 per cent each.
Gold prices in India was down at ₹155,714 per 10 grams against ₹158,399 logged on Friday in line with the global markets. Similarly, silver was down at ₹248,711 per kg against ₹260,488 registered in the previous trading session, according to the Indian Bullion and Jewellers Association of India data.
In the US, spot gold fell 0.3 per cent to $5,001.61 per ounce while gold futures for April delivery fell 1.1 per cent to $5,007.20.
The conflict in West Asia has pushed crude oil prices higher as the region is critical for global energy supply. Rising oil prices are strengthening future inflation expectations, which in turn are pushing US bond yields higher and reducing expectations of near-term rate cuts by the Federal Reserve. This has supported the dollar and weighed on gold and silver.
The dollar index remained above the 100 mark, its highest level since last November, and is on track for a second straight weekly gain. Investors have continued to favour the greenback as a safe-haven asset amid escalating tensions with Iran and the absence of any clear path toward de-escalation.
Manav Modi, Commodities Analyst, Motilal Oswal Financial Services said the recent fall in gold and silver prices appears contradictory because it is occurring amid rising geopolitical tensions in West Asia involving the US.
Before considering fresh investments in gold and silver ETFs, investors may wait for some cooling in geopolitical tensions or stabilisation in crude prices, he said.
“Gold appears relatively better positioned than silver from a volatility perspective. While silver tends to move faster in rallies, gold remains comparatively stable,” he said.
Thomas Stephen Director & Head – Preferred, Anand Rathi Shares and Stock Brokers said considering the halt in rupee depreciation in the recent days, gold may be considered a good bet from a portfolio diversification perspective, assuming the rupee maintains current levels.
In long term, entry in silver ETFs should be done via SIP/STP instead of lumpsum, as the structural demand for silver across industries remains strong, he said.
Published on March 16, 2026
