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The collapse of SVB Bank in the US has pushed investors away from risky assets such as stocks in developed markets. Investors looking for a safe place in the era of volatility have stuck to the yellow metal – gold. As gold prices rise in dollar terms, Indian prices have risen. Silver, although considered an industrial metal, catches up with gold.
Expectations of a slowdown or pause in the rate hike cycle by the central bank, and further quantitative easing to support banks could support gold prices. According to AMFI data, 12 gold ETF schemes managed assets worth Rs 21,399 crore as on February 28, 2023.
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