Silver ETFs jump over 6%, gold ETFs gain 2% as Trump tariff ruling, softer dollar lift bullion

Gold and Silver

• Gold and silver ETFs surged, tracking gains in bullion prices
• Silver ETFs outperformed, rising over 6 percent on Monday
• US Supreme Court tariff ruling weakened dollar, boosting demand

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Gold and silver exchange-traded funds (ETFs) rallied sharply around noon on Monday, tracking a rise in underlying bullion prices. The gold and silver bullion rose after the US Supreme Court struck down a broad set of tariffs imposed by President Donald Trump, weakening the dollar and lifting safe-haven demand.

Silver ETFs led the gains, with Nippon India Silver ETF rising 6.06 percent to Rs 250.96 and Tata Silver Exchange Traded Fund climbing 6.17 percent to Rs 25.46. SBI Silver ETF was up 6.09 percent at Rs 256.78, while ICICI Prudential Silver ETF advanced 6.05 percent to Rs 261.76.

Gold ETFs posted comparatively modest gains of around 2 percent. Nippon India ETF Gold BeES rose 2.07 percent to Rs 130.18. Tata Gold Exchange Traded Fund gained 2.01 percent to Rs 15.24. SBI Gold ETF added 2.05 percent to Rs 134.22, and ICICI Prudential Gold ETF was up 2.03 percent at Rs 134.84.

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The rally in bullion-linked ETFs tracked firm moves in the underlying metals market. On MCX, gold was hovering near Rs 1.60 lakh per 10 grams of 24-carat purity, up 1.71 percent from the previous close. On Comex, the metal was trading 1.85 percent higher at $5,175 per ounce. Silver rose even more sharply, gaining 4.7 percent on MCX to trade just above Rs 2.64 lakh per kg, while Comex silver advanced 5.16 percent to $86.59 per ounce.

According to Manav Modi, Commodities Analyst at Motilal Oswal Financial Services, gold and silver climbed to more than three-week highs as the dollar slipped after the US Supreme Court struck down a large swathe of President Donald Trump’s tariffs. The decision is seen as curbing the administration’s ability to impose tariffs abruptly, although uncertainty persists after Trump announced a temporary tariff of 15 percent.

Justin Khoo, Senior Market Analyst (APAC) at VT Markets, said markets are increasingly pricing in rate cuts as headline inflation cools to around 2.4 percent, largely driven by lower energy prices. However, he said that underlying inflation remains uneven, suggesting the US Federal Reserve is likely to move towards easing in a gradual and measured manner rather than an aggressive cycle. Khoo added that in such an environment, gold remains sensitive to interest rate expectations.

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