Gold ETFs Climb Across the Board
At around 2:24 PM, Nippon India ETF Gold BeES climbed 2.7% and ICICI Prudential Gold ETF rose 2.4% to ₹124.86. SBI Gold ETF gained 2.2% to ₹124.13, while Tata Gold Exchange Traded Fund advanced 2.39% to ₹14.14. The gains were broad-based, with no significant divergence across fund houses, a reflection of how closely these instruments track the underlying commodity.
Gold ETFs are passively managed funds that hold physical gold as their underlying asset. Their price moves in tandem with gold bullion, making them a relatively straightforward way for investors to take exposure to the metal without dealing with storage or purity concerns.
Silver Steals the Show as Industrial Demand Lends Support
Silver ETFs outperformed on the day, as spot silver extended its own rally more sharply than gold. Spot prices climbed 2.85% to $62.68 an ounce. Platinum gained 2.94% to $1,663, while palladium rose 2.04% to $1,283. All three metals were trading near their highest levels in over a week and appeared on track for weekly gains.
Among Indian silver ETFs, Nippon India Silver BeES gained 2.39% to ₹221.45. Tata Silver Exchange Traded Fund rose 2.37% to ₹22.50. SBI Silver ETF advanced 2.34% to ₹226.95, and ICICI Prudential Silver ETF added 2.25% to ₹230.90. Silver's sharper move on the day reflects its dual role as both a precious metal and an industrial input; sectors tied to manufacturing and clean energy tend to drive its demand alongside investment flows.
Domestic Gold Demand Softens Even as Prices Recover
In India, physical gold demand pulled back on Friday after a modest uptick earlier in the week, as the rebound in prices made buyers more hesitant, according to Reuters. Domestic gold prices climbed to as high as ₹1,48,046 per 10 grams, recovering from a three-month low of ₹1,40,450 touched on Tuesday. The earlier decline had briefly attracted some buying interest, but that appeared to fade as prices moved higher through the week.
The broader market provided a constructive backdrop. At 2:34 PM, the Sensex was up 327 points, or 0.40%, at 77,817.97, while the Nifty advanced 106.40 points, or 0.44%, to 24,284.90. India VIX fell 2.90%, pointing to reduced volatility expectations across equity markets, a sentiment environment that did not dampen appetite for precious metals on the day.
Conclusion
Gold and silver ETFs rose significantly on July 3, 2026, on account of a single development, that being weak American jobs numbers and their effects on the decisions of the Federal Reserve. As the precious metals were heading towards the first increase in five weeks, the day showed the quick turnaround of precious metals whenever changes occur in the macroeconomic figures regarding interest rate expectations. If the trend is maintained, much of it depends on the next actions of the Federal Reserve based on inflation and jobs data.
