Gold, Silver ETFs Recover Partially After Sharp Crash; Analysts Remain Bullish
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Moneycontrol•02-02-2026, 18:05
Gold, Silver ETFs Recover Partially After Sharp Crash; Analysts Remain Bullish
- •Gold and silver ETFs saw a partial recovery on February 2 after a sharp crash earlier in the day, with some gold ETFs even turning green.
- •Edelweiss, Kotak, Mirae Asset, and Tata Silver ETFs recovered up to 10% after hitting a 20% lower circuit.
- •MCX gold futures (April expiry) recovered over 9% to Rs 1,49,920 per 10 grams, recouping all losses from the day's low.
- •The initial crash was attributed to rampant profit-booking, a stronger dollar, and the nomination of hawkish Kevin Warsh to head the US Federal Reserve.
- •CME Group's announced hikes in margins for COMEX gold and silver futures also contributed to the decline, but analysts like Abhinav Tiwari and Siddharth Srivastava maintain a long-term bullish outlook for precious metals.
Why It Matters: Precious metal ETFs partially recovered from a sharp fall, with analysts maintaining a long-term bullish outlook.
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