Gold, Silver ETF Jump 9% Amid Import Duty Hike: Tata Silver, Nippon India, Groww, Kotak Silver, HDFC, More

Gold, Silver ETF: Exchange-traded funds (ETFs) linked to gold and silver witnessed a sharp rally on Wednesday, May 13, mirroring the massive surge in precious metal prices. Gold and silver ETFs from fund houses and platforms, including Kotak, HDFC, Nippon India, Groww, Tata, and Zerodha, jumped nearly 9-10% during Wednesday's trading session, as investors rushed to gain exposure to the soaring bullion market.

The sharp rally in gold ETFs and silver ETFs came hours after the Indian government increased import tariffs on gold and silver.

What Are Gold, Silver ETFs?

A gold ETF is a commodity-based investment instrument that allows investors to park their money in digital gold. Likewise, silver ETFs let investors park their money in digital silver. These ETF schemes track real time value of gold and silver. Gold ETFs and silver ETFs are Securities and Exchange Board of India (SEBI)-approved investment instruments. Gold ETFs track the prices of domestic gold rates. They perform like individual stocks and are traded similarly on stock exchanges.

Silver ETFs On Fire! Tata Silver, Nippon India Silver ETF, Groww Silver ETF, Kotak Silver ETF, To HDFC Silver ETF

Nearly all the silver ETFs saw a sharp rally during Wednesday's trading session. Tata Silver Exchange Traded Fund was trading 7.09% higher at Rs 27.39 per unit at 12:50 pm. Nippon India Silver ETF was up 7.08% at Rs 269.85 per unit. Likewise, Groww Silver ETF was 7.05% higher at Rs 27.62 per unit. Zerodha Silver ETF was trading 6.91% higher at Rs 28.64 per unit. HDFC Silver ETF was up around 7.31% at Rs 270.74 per share.

Gold ETFs Rally: Nippon India Gold ETF, Groww Gold ETF, ICICI Prudential Gold ETF, More
Groww Gold ETF was trading 5.71% higher at Rs 15.54 per unit at 12:55 pm. Tata Gold Exchange Traded Fund was trading 5.75% higher at Rs 15.45 per unit. ICICI Prudential Gold ETF was up close to 5.93% at Rs 136.69 per unit. HDFC Gold ETF was up close 5.65% at Rs 135.9 per unit.

Historic Jump In Gold Rate in India Today

Rally in gold and silver ETFs is fuelled by a sharp surge in domestic gold and silver prices. The 24 karat gold rate in India today increased by Rs 1,391 per gram to Rs 16,789 per gram on Wednesday, as per Goodreturns data. Likewise, the price of 22 karat gold in India surged by Rs 1,275 per gram to Rs 15,390 per gram.