Gold and Silver ETFs Bleed as Banking ETFs Shine; Liquid Funds Hold Rock-Solid Through Wednesday’s Volatile Session

Mumbai, June 24: The Indian ETF market on Wednesday painted a sharply divided picture, with precious metal funds taking a broad hit even as banking ETFs held their ground firmly and liquid ETFs did what they always do. Liquid ETF barely move, regardless of what the rest of the market is doing. 

Gold ETFs Under Pressure 

Gold ETFs were uniformly in the red through Wednesday’s session, reflecting the pullback in domestic gold prices for the second consecutive day. GOLDBEES, the most actively traded gold ETF with nearly one crore units changing hands worth ₹116.85 crore, slipped 1.14% to ₹117.55 from a previous close of ₹118.90, touching a session low of ₹116.01. AXISGOLD fell 0.88% to ₹118.27 while HDFCGOLD shed 1.31% to ₹121.30. GOLDIETF dropped 1.12% to ₹121.67 and SETFGOLD eased 1.20% to ₹121.15. Across the board, gold ETFs are now down roughly 8.8% to 9.2% over the past 30 days, which is a meaningful correction from their highs, though all remain comfortably positive on a 365-day basis, with gains of around 43% to 44% year on year, reflecting the extraordinary bull run gold staged through late 2025 and early 2026. 

Silver ETFs: The Steeper Fall 

Silver ETFs took an even harder knock. SILVERBEES, the largest silver ETF by traded value at ₹268.49 crore, fell 1.09% to ₹212.71, after touching a session low of ₹210.34. TATSILV slipped 1.01% to ₹21.60, SILVERIETF declined 1.19% to ₹222.15, and HDFCSILVER shed 1.01% to ₹212.63. AXISILVER was the sharpest faller among the silver names, down 1.32% to ₹221.10. The 30-day picture for silver ETFs makes for particularly grim reading – every silver fund in the space is down approximately 14.5% to 15% over the past month, the direct aftermath of the Iran-US ceasefire announcement in April, which stripped silver of its geopolitical war premium sharply and suddenly. On a one-year basis, however, silver ETFs still show gains of around 107% to 108%, underscoring how dramatically the metal had run up during the height of the Iran conflict. 

Banking ETFs: A Different Story Entirely 

While precious metals suffered, banking ETFs found buyers through Wednesday’s session. PVTBANIETF, tracking the Nifty Private Bank index, rose 1.28% to ₹28.43 with a traded value of ₹32.73 crore, while BANKBEES gained 0.84% to ₹597.50 from a previous close of ₹592.52, with a value of ₹14.93 crore transacted. BANKIETF added 1.07% to ₹59.30 and BANKBETA climbed 1.10% to ₹59.69. PSU bank ETFs were more measured: PSUBNKBEES slipped marginally by 0.15% to ₹96.04, though the 30-day picture for PSU bank ETFs remained strong, with gains of over 7% across the category. Private banks are outperforming their public sector counterparts this month, a trend visible clearly in the ETF data. 

Liquid ETFs: Unmoved and Unbothered 

Liquid ETFs, as always, were the quiet corner of the market where nothing dramatic happened, which is entirely the point. LIQUIDBEES tracked Government Securities and barely budged, down a fraction to ₹999.99 from a previous close of ₹1,000, with ₹63.37 crore in value traded. LIQUIDCASE, tracking the Zerodha Nifty 1D Rate Liquid ETF, ticked up a marginal 0.03% to ₹114.69. LIQUID1, LIQUIDPLUS and HDFCLIQUID all moved in a range of one paisa to fifteen paise, generating returns of 0.01% to 0.03% for the session. Across all liquid ETFs, the 30-day return consistently prints at 0.39% to 0.41%, and one-year returns stand at 4.81% to 5.13%, reflecting the overnight rate environment. These instruments are functioning exactly as designed, as a safe parking place for cash, with near-zero volatility and daily accrual of the overnight policy rate. 

Data source: NSE ETF market watch, June 24, 2026. Session ongoing at time of writing.