Gold, silver ETFs rise up to 3% despite weak bullion prices; lower import tariff values aid sentiment

Fri June 12 2026

Gold and silver exchange-traded funds (ETFs) traded higher on Friday, with silver ETFs gaining more than 3 percent and gold ETFs rising around 1.5 percent, even as global bullion prices remained under pressure and headed for weekly losses.

At around 11:20 am, Nippon India Silver ETF (SilverBeES) gained 3.05 percent to Rs 228.14, while ICICI Prudential Silver ETF rose 3.05 percent to Rs 238.08. SBI Silver ETF advanced 3.02 percent to Rs 233.62 and Tata Silver ETF climbed 3.11 percent to Rs 23.18.

Among gold-linked funds, Nippon India ETF Gold BeES gained 1.56 percent to Rs 121.14, ICICI Prudential Gold ETF rose 1.50 percent to Rs 125.54, SBI Gold ETF added 1.51 percent to Rs 124.86, while Tata Gold ETF was up 1.43 percent at Rs 14.22.

The gains came despite weakness in global precious metal prices. Spot gold was down 0.5 percent at $4,193.58 per ounce on Friday and was on track for a weekly decline of about 3.1 percent. The metal had fallen to a more than six-month low a day earlier before recovering some losses after US President Donald Trump called off planned military strikes on Iran and signalled that a peace deal could be imminent.

Sentiment towards precious metals also received some support after the government reduced the tariff value, or base import price, for gold and silver with effect from June 12. The base import price for gold was lowered by $80 to $1,343 per 10 grams, while that for silver was cut by $276 to $2,092 per kilogram.

The tariff value is a reference price used for calculating customs duty on imported precious metals and does not reflect the actual market price. A lower tariff value reduces the assessable value on which customs duty is calculated, potentially lowering import costs for bullion importers.

The rise in gold and silver ETFs came amid a broader risk-on mood in domestic equities. At around 11:19 am, the Sensex was up 770 points and the Nifty had gained nearly 200 points, while India VIX fell more than 4.5 percent.

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Source: https://www.moneycontrol.com/