Markets Daily India

Indians Load Up on Gold, Silver ETFs as Stocks Can’t Find Their Mojo

Gold may have an edge near term as geopolitical, currency worries persist.

An employee looks at a gold necklace at a jewelry store in Mumbai, India.Photographer: Dhiraj Singh/Bloomberg

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By Alex Gabriel Simon and Xue Lin Ho

February 11, 2026 at 2:45 AM UTC

This article is for subscribers only.

Good morning...

I’m Ashutosh Joshi, and I cover equities in Mumbai.

We are at the middle of the week and while India’s growth-supportive budget and trade deal wins have helped local stocks stage a recovery, they are still trailing the broader Asian market in February. That explains why Indians are starting to show a preference for gold and silver exchange-traded funds over equity plans (more on that below). Attention now shifts to the US jobs report due later today and Friday’s inflation data for further signals on the Fed policy outlook, which could influence flows into emerging markets, including India. Locally, the auto sector is in focus given Mahindra & Mahindra and Ashok Leyland are among companies reporting earnings today.

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