Gold and silver exchange traded funds (ETFs) staged a strong rebound on February 9, mirroring the sharp recovery in precious metal prices after a period of intense volatility that rattled investors. The bounce followed last week’s steep correction, which was driven by speculative excess, margin-related liquidations and a stronger US dollar.
Monday’s recovery was led decisively by silver, which outperformed gold both in spot markets and ETF gains. A softer US dollar, dip-buying interest and supportive global cues helped stabilize sentiment, even as traders remained cautious about near-term swings. While gold saw steady inflows as a hedge, silver’s higher beta resulted in outsized ETF gains, reflecting renewed risk appetite among traders willing to bet on a rebound.
Silver ETFs surge up to 12%,Gold ETFs rise up to 5%
Silver ETFs dominated the session, clocking double-digit gains across the board. Axis Silver ETF rallied nearly 12% to hit an intraday high of ₹264.69, making it the top performer among precious metal funds. UTI Silver ETF and Groww Silver ETF followed closely, rising around 11% each.
Nippon India Silver ETF, HDFC Silver ETF and Tata Silver ETF advanced more than 10% apiece, reflecting broad-based buying interest. Meanwhile, Zerodha Silver ETF, SBI Silver ETF, Kotak Silver ETF and ICICI Prudential Silver ETF gained close to 8% each during the session.
Gold ETFs also participated in the rebound, though gains were comparatively modest. Angel One Gold ETF, LIC MF Gold ETF and Zerodha Gold ETF jumped about 5% each. Other funds such as Kotak Gold ETF, Motilal Oswal Gold ETF, Nippon India Gold ETF, SBI Gold ETF and Mirae Asset Gold ETF recorded gains of around 3%.
Gold and silver prices today
Silver and gold prices rallied in early trade on Monday as investors stepped in to buy on dips, aided by a softer US dollar and improving global risk sentiment. Silver led the recovery, with MCX silver rising nearly 6% to around ₹74,000 per kg, after witnessing sharp selling pressure last week.
In the international market, spot silver jumped about 2.5%, extending gains after a near 10% rebound in the previous session.
Gold prices also moved higher. MCX gold added around 2% to trade near ₹63,000 per 10 grams, while spot gold rose up to 1.7% in early trade to hover above the $2,050-per-ounce mark before paring some gains.
The primary driver behind the rebound was weakness in the US dollar, which slipped to its lowest level since February 4. A weaker greenback typically supports bullion prices by making dollar-priced commodities cheaper for overseas buyers, thereby lifting demand sentiment.
Bullion sentiment was further supported by political developments in Japan after a landslide election victory for Prime Minister Sanae Takaichi. The outcome reinforced expectations of looser fiscal policy and sustained pressure on the yen — conditions that are typically supportive for gold and other precious metals as alternative stores of value.
What lies ahead for precious metals? -Is the worst over?
Silver continued to exhibit higher volatility compared to gold, with price swings amplified by speculative positioning and thinner over-the-counter liquidity. Despite the rebound, the white metal remains well below its record peak, having shed over a third of its value during the recent correction.
NS Ramaswamy, Head of Commodity & CRM at Ventura, said, “Longer-term bullish momentum remains intact, driven by structural diversification trends and sustained central bank buying.” He highlighted that central banks purchased about 230 tonnes of gold in the fourth quarter of 2025, with total annual buying expected to remain above 800 tonnes in 2026.
Ramaswamy added, “Silver is likely to remain volatile in the near term, with a range of $72 to $78. A decisive breakout above $80 will signal a stronger recovery.” He noted that the sharp selloff in silver was largely triggered by higher margin requirements, which forced traders to liquidate positions and accelerated the price drop.
Going forward, market participants are closely tracking upcoming US macroeconomic data for cues on the Federal Reserve’s policy direction. The January jobs report and fresh inflation readings later this week are expected to play a key role in shaping near-term bullion trends.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
