Gold and Silver ETFs Jump on Customs Duty Hike
Gold and silver ETFs jumped sharply on Wednesday. It was a reaction to the Centre hiking customs duties on precious metals imports. That’s a big move.
The overall customs duty on these imports went from six per cent up to fifteen per cent. That change alone started pushing domestic prices up for both gold and silver.
This wasn't a sudden thing. It built on earlier moves. Back on May 12th, the government had already adjusted the basic customs duty on gold and silver, moving it from five per cent to ten per cent. They also bumped up the Agriculture Infrastructure & Development Cess, the AIDC, from one per cent to five per cent.
When you stack that up, the effective import duty on gold shot up from six per cent to fifteen per cent. That took effect starting May 13th.
The logic, you know? The higher duty structure naturally pushes up the landed cost of everything coming in. And that cost hike, it immediately translated into higher prices for domestic gold and silver ETFs.
It seemed like the market just reacted fast to that shift. Buyers jumped in across the exchanges.
Look at the gold ETFs, for example. Tata Gold Exchange Traded Fund ticked up four point six five per cent. It hit Rs 15.29 on the NSE. Nippon India ETF Gold BeES followed suit, climbing four point six six per cent to Rs 130.42 in the early trading.
Then you had Groww Gold ETF, which advanced four point eight three per cent to Rs 15.41. ICICI Prudential Gold ETF gained four point eight eight per cent, landing at Rs 135.30. Zerodha Gold ETF also moved up, up four point five one per cent to Rs 24.80.
And the rest of the bunch? SBI Gold Exchange Traded Scheme jumped four point eight four per cent to Rs 134.50. HDFC Gold ETF gained four point five eight per cent, reaching Rs 134.52. Kotak Gold Exchange Traded Fund climbed four point eight four per cent to Rs 131.90. Even LIC MF Gold ETF advanced a bit, four point three eight per cent to Rs 141.80.
Angel One Gold ETF was also trading higher, up four point two seven per cent, sitting at Rs 14.64.
Silver ETFs didn't lag behind. They also saw strong buying interest after the duty hike announcement.
Tata Silver Exchange Traded Fund jumped five point four three per cent, hitting Rs 26.97. Nippon India Silver ETF surged five point three five per cent to Rs 265.50. Groww Silver ETF rose five point three nine per cent to Rs 27.19. Zerodha Silver ETF gained five point zero four per cent to Rs 28.14. HDFC Silver ETF climbed five point four six per cent to Rs 266.
ICICI Prudential Silver ETF advanced five point one six per cent to Rs 276.80. Kotak Silver ETF gained five point four eight per cent to Rs 26.94. SBI Silver ETF rose five point three four per cent to Rs 271.59. Aditya Birla Sun Life Silver ETF climbed five point two four per cent to Rs 276.43. Angel One Silver ETF was up five point zero seven per cent at Rs 10.57.
It’s clear how this works. Gold and silver ETFs are just mirroring those domestic prices of precious metals. India imports a massive chunk of what it needs, right? So any increase in customs duty immediately raises the import cost. That cost gets passed on, making domestic bullion prices more expensive for everyone.
Market participants are betting this move will hold. They expect the higher import duty to provide some support to local gold and silver prices in the near term. That’s what triggered all that buying across the precious metal ETFs on the exchanges. It’s a defensive move, essentially.
Written by Gree News Team — Senior Editorial Board
Gree News Team covers international news and global affairs at Gree News. Our collective of senior editors is dedicated to providing independent, accurate, and responsible journalism for a global audience.
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