News26 September 2026By BlinkMoney Editorial

Gold and Silver ETFs Fell on 24 September as Higher US Bond Yields Weighed on Metals

Gold and silver ETFs traded lower on 24 September 2026, with silver funds falling about twice as far as gold funds, as higher US Treasury yields and a stronger dollar pressured bullion prices.

Gold and silver exchange-traded funds (ETFs) traded lower on Thursday, 24 September 2026, tracking a decline in bullion prices as US Treasury yields rose and the dollar strengthened. In an intraday snapshot updated at 3:26 PM IST, none of the 26 listed gold ETFs and none of the 19 listed silver ETFs were in positive territory. Silver funds fell roughly twice as far as gold funds in that snapshot, a pattern consistent with silver's sharper move in the underlying metals.

An ETF is a fund whose units trade on a stock exchange through the day. A gold or silver ETF holds bullion or closely linked instruments and its unit price broadly follows the metal's domestic price, minus fund expenses and small tracking differences. A one-day fall in the ETF therefore reflects a fall in the metal's market price reaching the investor's screen, not a change in the quantity of metal backing each unit.

The verified ETF price move

The most heavily traded gold ETF by value, Nippon India ETF Gold BeES (GoldBeES), declined 0.57% to Rs 124.02 in the reported snapshot, on traded value of about Rs 139.49 crore. HDFC Gold ETF fell 0.57% to Rs 128.21, ICICI Prudential Gold ETF (GoldIETF) fell 0.61% to Rs 128.42, SBI's SETFGOLD fell 0.56% to Rs 127.92, and Tata Gold ETF fell 0.61% to Rs 14.58. The weakest performer cited was a thinly traded fund down 1.19%, on only 500 units, so its percentage move carries little weight for most investors.

Silver ETFs declined more steeply. Nippon India Silver BeES fell 1.16% to Rs 217.70 on traded value of about Rs 200.77 crore. Tata Silver ETF fell 1.21% to Rs 22.10 on heavy volumes of about 2.29 crore units, HDFC Silver ETF fell 1.19% to Rs 217.50, and SBI Silver ETF fell 1.20% to Rs 223.08. Silver ETF turnover of about Rs 385.51 crore exceeded gold ETF turnover in the same snapshot.

These are intraday trading levels, not closing auction prices. The figures describe where the funds stood during the session on 24 September as reported against NSE ETF data, and the NSE's ETF market-data page itself provides live rather than historical values.

The broader commodity picture matched the ETF moves. MCX gold futures for October delivery fell Rs 833, or 0.55%, to Rs 1,50,466 per 10 grams, extending a four-session losing run. In Delhi's physical market, gold of 99.9% purity fell Rs 1,600 to Rs 1,52,400 per 10 grams, while silver fell Rs 5,000 to Rs 2.37 lakh per kilogram. Internationally, spot gold traded around 4,253 dollars per ounce, down nearly 1%, and spot silver around 63.56 dollars, down about 1.4%.

The yield and dollar mechanism, stated carefully

The decline followed stronger-than-expected US private-sector jobs data, which pushed US Treasury yields higher and reinforced expectations of further policy tightening by the US Federal Reserve. The US 10-year Treasury yield traded around 5.11%, close to its highest level since July 2007, while the dollar index moved above the 101 mark, near a two-month high. Crude oil traded around 102 dollars per barrel, and foreign investors continued selling Indian equities.

Higher bond yields tend to weigh on gold and silver through opportunity cost. Gold and silver pay no interest, so when bonds offer higher yields, holding the metal means giving up more income elsewhere. A stronger dollar adds a second channel: bullion is priced in dollars globally, so a firmer dollar can make it costlier in other currencies and dampen demand. Analysts attributed the pressure to this combination rather than to any single data point.

That attribution should not be read as a certain or exclusive cause. Market reports on the day also cited elevated crude prices, foreign outflows from Indian stocks, and geopolitical tension around the Strait of Hormuz. Yields are one well-established mechanism linking interest rates to metal prices, but a one-day move reflects many participants acting on different information, and the evidence does not isolate yields as the sole driver.

What this means for investors tracking gold exposure

For someone using a gold or silver ETF to track the metal, the session was a reminder of how the instrument behaves. The ETF passed the metal's fall through almost in full: gold ETFs down a little over half a percent, silver ETFs down a little over one percent. Silver's larger move is typical rather than unusual, since silver has a smaller market and a larger industrial component, and its price often moves further than gold's in either direction.

A single session also says little about the trend. In the same dataset, GoldBeES was down 6.23% over the preceding 30 days but up 31.12% over the preceding year, while SilverBeES was down 4.98% over 30 days but up 69.77% over the year. Those longer figures are part of the reported snapshot and underline that Thursday's decline sits inside a much larger prior rise, not at the start of any confirmed direction.

Practical points follow from the structure of the product. ETF returns trail the metal by the fund's expense ratio and tracking error, dealing costs apply on buying and selling, and physical-market prices inclusive of taxes differ from futures and spot quotes. Whether the metal recovers or extends its four-session slide depends on incoming US economic data, the Federal Reserve's rate path, the dollar, and demand conditions, none of which is resolved by one day's trading.

This article is for general information only and does not constitute investment advice. Gold and silver prices can be volatile, and past performance does not indicate future returns. Before investing, review the scheme documents for expenses, tracking error and risk factors, and consider speaking with a SEBI-registered investment adviser for advice specific to individual circumstances.

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