Domestic gold funds mirrored international spot markets, which slipped after crude oil gains rekindled concerns over persistent inflation and sustained elevated borrowing costs. The resulting strengthening of the US dollar weakened demand for the precious metal, which traditionally underperforms when interest-bearing assets offer attractive yields. Among major funds, ICICI Prudential Gold ETF dropped 2.28% to ₹119.79, while Nippon India ETF Gold BeES fell 2.12% to ₹115.65. Schemes from Tata, SBI, HDFC, Kotak, and DSP also registered notable declines.
Key points
Rebounding crude oil prices renewed inflation fears, raising expectations of higher US in…: Rebounding crude oil prices renewed inflation fears, raising expectations of higher US interest rates for a prolonged period.
A strengthening US dollar dampened investor demand for bullion by making the commodity mo…: A strengthening US dollar dampened investor demand for bullion by making the commodity more expensive for foreign buyers.
Rising interest rate environments pose persistent headwinds for gold because the metal do…: Rising interest rate environments pose persistent headwinds for gold because the metal does not generate interest income.
Sources checked by our analysis pipeline: 1
Dhanteras 2026: Gold Exchange Traded Funds (ETFs) witnessed selling pressure on Friday, November 6, as investors booked profits in gold-backed investment products despite the auspicious occasion of Dhanteras 2026. Gold ETFs, including Nippon India ETF Gold BeES, Tata Gold ETF and ICICI Prudential Gold ETF, declined by up to 2.3% during the trading session.
The weakness in gold ETFs came amid a decline in international gold prices, as a rebound in crude oil prices revived inflation concerns and raised expectations that US interest rates could remain elevated for longer. A stronger US dollar also weighed on the yellow metal, limiting its appeal among investors.
Gold ETFs across fund houses witnessed selling pressure on Friday, with several schemes declining between 1.5% and 2.3%.
According to data available on Groww, ICICI Prudential Gold ETF was among the biggest laggards, falling 2.28% to ₹119.79. Nippon India ETF Gold BeES declined 2.12% to ₹115.65, while Tata Gold Exchange Traded Fund slipped 1.87% to ₹13.63.
Other gold ETFs, including SBI Gold ETF, HDFC Gold ETF, Kotak Gold ETF and DSP Gold ETF, also traded lower.
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