Gold ETFs outshine silver ETFs with up to 13% surge amid precious metals rally

Gold and silver futures opened sharply higher on Thursday, with both metals scaling fresh lifetime highs on the Multi Commodity Exchange (MCX). The gold prices jumped with the yellow metal rising nearly 9% on the MCX, while silver also climbed strongly by nearly 8%.

MCX gold futures due February 5, 2026, jumped Rs 1,80,779, or 9%. Meanwhile, silver futures for March 5, 2026, delivery surged 6% to Rs 4,07,456 per kg.

Also Read | International mutual funds post triple-digit gains since Budget 2025. What should investors expect in 2026?


Manav Modi, Commodities Analyst, Motilal Oswal Financial Services Ltd, said Gold extended its blistering rally to reach a record high just under $5,600 as investors piled into safe havens amid rising geopolitical and economic uncertainty, with silver nearly cracking $120 on strong momentum and tight supply conditions.

Geopolitical tensions also intensified after U.S. President Trump urged Iran back to the negotiating table on its nuclear programme, warning of severe consequences, and Tehran responded with threats of retaliation, keeping risk sentiment fragile and precious metals in demand. Focus now shifts to weekly jobless claims, factory orders and PPI data scheduled this week, Modi further added.

Performance of Gold and Silver ETFs

Kotak Gold ETF jumped over 13% to hit a fresh high of Rs 155, whereas Angel One Gold ETF went up by 9% to a day’s high of Rs 16.65. Nippon India ETF Gold BeES, the largest gold ETF based on assets managed, went up by 9%, and Zerodha Gold ETF went up by 8% in the same period.

Among silver ETFs, Nippon India Silver ETF and Motilal Oswal Silver ETF went up by 8% each in the said time period.

Sandip Raichura, CEO of Retail Broking and Distribution & Director, PL Capital, said Gold has crossed our earlier target of USD 5000 and we believe that this metal, unlike silver where there are risks and possible negative bias, is on a structural bull run.

Also Read | These top 10 AMCs manage over Rs 1 lakh crore of silver ETF AUM in January. Nippon Mutual Fund leads

Raichura further said that while multiple geopolitical risks have magnified the move and may be subject to news-based volatility, we believe the world has increasingly become fractured in the medium term and hence demand for valuable resources will do two things: push up commodity prices and increase demand for gold as a strategic reserve for the credibility of regional currency blocs.

Siddharth Srivastava, Head – ETF Product and Fund Manager, Mirae Asset Investment Managers (India), said Silver continues its sharp rally, propelled by investment, geopolitical and speculative flows, backed by the narrative of physical supply squeeze. While the rally continues to surprise, at these levels, higher volatility can be expected due to profit booking or softening of the narrative.

Srivastava further recommended investors to be cautious of entering at higher levels and avoid overallocation. Any short-term and tactical investments should track key support levels and downside volatility.