ETFs

Gold and Silver ETFs Tumble as US-Iran Tensions Rock Global Markets

Web Desk March 23, 2026

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Gold and Silver ETFs Tumble as US-Iran Tensions Rock Global Markets

Gold and silver ETFs plunged 6-8% amid rising US-Iran tensions.

Profit-booking, a stronger dollar, and Middle East uncertainty drove the sell-off.

Indian markets and crude oil also reflected global risk-off sentiment.

Gold and silver exchange-traded funds (ETFs) came under significant pressure on Monday, March 23, 2026, as escalating geopolitical tensions between the United States and Iran rattled global markets. The sharp corrective phase in precious metals was driven by profit-booking, a stronger U.S. dollar, and mixed signals from ongoing developments in the Middle East, analysts said.

Among gold ETFs, Invesco India Gold ETF led losses, down 7.4 percent, followed closely by Axis Gold ETF at 7.15 percent, Kotak Gold ETF 6.67 percent, ICICI Prudential Gold ETF 6.69 percent, SBI Gold ETF – Growth Option 6.39 percent, and Baroda BNP Paribas Gold ETF 6.57 percent. Retail-focused products like Angel One Gold ETF, Groww Gold ETF, and DSP Gold ETF also fell sharply, dragging overall gold prices down about 6 percent.

Silver ETFs mirrored the gold sell-off, with Aditya Birla Sun Life Silver ETF down 7.8 percent, Zerodha Silver ETF 7.69 percent, Angel One Silver ETF 7.91 percent, Tata Silver ETF 7.83 percent, 360 ONE Silver ETF 7.86 percent, ICICI Prudential Silver ETF 7.86 percent, Mirae Asset Silver ETF 7.8 percent, and Groww Silver ETF 8 percent. On the futures market, gold April futures on the MCX dropped 4.5 percent to Rs 1,37,928 per 10 gm, while silver May futures fell 5.3 percent to Rs 2,14,745 per kg.

Ponmudi R, CEO of Enrich Money, explained that the pullback reflects profit-booking, dollar strength, and ongoing uncertainty in West Asia. “While safe-haven demand had supported precious metals earlier, heightened geopolitical risks and volatility are driving selective declines. Investors should watch key support zones for potential buy-on-dips opportunities”, he said.

Broader market sentiment also weakened as the war in West Asia entered its fourth week. The NSE Nifty50 fell 458 points, or 1.98 percent, to 22,656, while the BSE Sensex dropped 1,458 points, or 1.96 percent, to 73,074. Brent crude futures were quoted at $112.78 per barrel, up 0.53 percent, and WTI crude at $99.04 per barrel, reflecting elevated uncertainty despite Iranian assurances that the Strait of Hormuz remains open to all except those violating its territory.

VK Vijayakumar, chief investment strategist at Geojit Investments, noted that “gold’s decline, steeper than equities, reflects the global risk-off mood. Investors should remain calm amid volatility, rather than panic, as long-term fundamentals of precious metals remain supportive”.