Silver, gold ETFs surge up to 17% today. Should you buy? What experts say
Tata Silver Exchange Traded Fund, which was up 8.39 per cent at Rs 30.49 against its previous close of Rs 28.12 against its indicative NAV (i-Nav) of Rs 31.95. It jumped 17.35 per cent earlier today to hit a high of Rs 33.
- Jan 23, 2026,
- Updated Jan 23, 2026 12:53 PM IST
Silver and gold exchange-traded funds (ETFs) surged up to 17 per cent in Friday's trade, continuing with their recent volatile trend. Analysts advised investors to have staggered, systematic entry in silver and gold ETFs to benefit from price averaging during inevitable consolidations. While fund managers and commodity experts are largely positive on silver, a few cited gold-silver ratio to suggest higher allocation towards gold or gold ETFs going ahead.
At 11.47 am, Tata Silver Exchange Traded Fund, which was up 8.39 per cent at Rs 30.49 against its previous close of Rs 28.12 against its indicative NAV (i-Nav) of Rs 31.95. It jumped 17.35 per cent earlier today to hit a high of Rs 33. ICICI Prudential Silver ETF was trading 8.35 per cent higher at 312.21 , premium over its i-NAV of Rs 310.91. Indicative NAV is a real-time estimate of an ETF's fair value. Aditya Birla Sun Life Silver ETF climbed 8.44 per cent to Rs 311, a premium over its i-NAV of Rs 291.57.
Aditya Birla Sun Life Silver ETF, Nippon India Silver ETF, Zerodha Silver ETF, HDFC Silver ETF and SBI SILVER ETF gained 7-9 per cent. This comes after a day of sharp fall.
Similarly, gold ETFs such as ICICI Prudential Gold ETF, ICICI Prudential Gold ETF and NIPPON INDIA ETF GOLD BEES gained around 3 per cent each.
"The recent 'premium-to-iNAV' episode serves as a vital reminder: during high-demand phases, supply constraints and tariff threats can temporarily disconnect ETF prices from their underlying value. To mitigate this, investors should avoid chasing vertical moves and instead adopt a staggered, systematic entry to benefit from price averaging during inevitable consolidations," said Tapan Patel, Fund Manager-Commodities at Tata Asset Management.
Silver has delivered an exceptional rally of over 200 per cent in the last 12 months, sharply outperforming gold’s 80 per cent rise, making silver one of the strongest-performing assets globally.
Patel said those already invested should to hold or rebalance, guided by the gold/silver ratio.
"As the ratio compresses toward the 50 mark—having retraced from the highs of 100 seen in 2025—investors might consider booking partial profits to reallocate into more stable assets like Gold ETFs, ensuring the portfolio remains aligned with their long-term risk appetite," he said.
MOFSL noted that despite strong price action, global silver ETFs have seen outflows of over 3 million ounces since the start of 2026, while gold ETFs have witnessed comparatively steadier inflows, reflecting investor preference for more defensive positioning.
It recommended 75 per cent allocation to gold and 25 pe cent to silver, indicating a preference for gold as a relatively steadier hedge in the current environment, while still retaining meaningful exposure to silver’s long-term structural upside
"Gold adds stability, not growth, offering low-to-mid returns. Silver is cyclical, not defensive, showing higher volatility and positive equity correlation, making it a tactical risk-on asset rather than a hedge," said Anand Rathi.
Silver or gold? MOFSL said that the recent sharp silver outperformance has led to a significant compression in the gold–silver ratio, which has fallen from pandemic highs of 127 to around 50 at the start of 2026. This reset suggests that while the long-term outlook for precious metals remains constructive, the near-term risk-reward equation may now be shifting in favour of gold after silver’s outsized run, it said.
"While we remain positive on both metals and silver continues to have long-term upside backed by industrial demand and tight physical market conditions, the recent rally has also increased near-term volatility. In this phase, a higher allocation to gold can help manage fluctuations while staying invested in precious metals,” it said.
Silver and gold exchange-traded funds (ETFs) surged up to 17 per cent in Friday's trade, continuing with their recent volatile trend. Analysts advised investors to have staggered, systematic entry in silver and gold ETFs to benefit from price averaging during inevitable consolidations. While fund managers and commodity experts are largely positive on silver, a few cited gold-silver ratio to suggest higher allocation towards gold or gold ETFs going ahead.
At 11.47 am, Tata Silver Exchange Traded Fund, which was up 8.39 per cent at Rs 30.49 against its previous close of Rs 28.12 against its indicative NAV (i-Nav) of Rs 31.95. It jumped 17.35 per cent earlier today to hit a high of Rs 33. ICICI Prudential Silver ETF was trading 8.35 per cent higher at 312.21 , premium over its i-NAV of Rs 310.91. Indicative NAV is a real-time estimate of an ETF's fair value. Aditya Birla Sun Life Silver ETF climbed 8.44 per cent to Rs 311, a premium over its i-NAV of Rs 291.57.
Aditya Birla Sun Life Silver ETF, Nippon India Silver ETF, Zerodha Silver ETF, HDFC Silver ETF and SBI SILVER ETF gained 7-9 per cent. This comes after a day of sharp fall.
Similarly, gold ETFs such as ICICI Prudential Gold ETF, ICICI Prudential Gold ETF and NIPPON INDIA ETF GOLD BEES gained around 3 per cent each.
"The recent 'premium-to-iNAV' episode serves as a vital reminder: during high-demand phases, supply constraints and tariff threats can temporarily disconnect ETF prices from their underlying value. To mitigate this, investors should avoid chasing vertical moves and instead adopt a staggered, systematic entry to benefit from price averaging during inevitable consolidations," said Tapan Patel, Fund Manager-Commodities at Tata Asset Management.
Silver has delivered an exceptional rally of over 200 per cent in the last 12 months, sharply outperforming gold’s 80 per cent rise, making silver one of the strongest-performing assets globally.
Patel said those already invested should to hold or rebalance, guided by the gold/silver ratio.
"As the ratio compresses toward the 50 mark—having retraced from the highs of 100 seen in 2025—investors might consider booking partial profits to reallocate into more stable assets like Gold ETFs, ensuring the portfolio remains aligned with their long-term risk appetite," he said.
MOFSL noted that despite strong price action, global silver ETFs have seen outflows of over 3 million ounces since the start of 2026, while gold ETFs have witnessed comparatively steadier inflows, reflecting investor preference for more defensive positioning.
It recommended 75 per cent allocation to gold and 25 pe cent to silver, indicating a preference for gold as a relatively steadier hedge in the current environment, while still retaining meaningful exposure to silver’s long-term structural upside
"Gold adds stability, not growth, offering low-to-mid returns. Silver is cyclical, not defensive, showing higher volatility and positive equity correlation, making it a tactical risk-on asset rather than a hedge," said Anand Rathi.
Silver or gold? MOFSL said that the recent sharp silver outperformance has led to a significant compression in the gold–silver ratio, which has fallen from pandemic highs of 127 to around 50 at the start of 2026. This reset suggests that while the long-term outlook for precious metals remains constructive, the near-term risk-reward equation may now be shifting in favour of gold after silver’s outsized run, it said.
"While we remain positive on both metals and silver continues to have long-term upside backed by industrial demand and tight physical market conditions, the recent rally has also increased near-term volatility. In this phase, a higher allocation to gold can help manage fluctuations while staying invested in precious metals,” it said.