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Gold Exchange Traded Funds saw a sharp jump on Wednesday, May 13, 2026, ending a quiet stretch that lasted more than three months. The trigger was a rise in import duties on gold, which made the metal costlier to buy directly and pushed investors toward ETFs instead. Most funds in the category gained around 7% in a single session, with some crossing 8%. 

The move came as a surprise to many, given that gold-linked instruments had been in a slower phase after a strong run through 2025.

How Did Individual Gold ETFs Perform on May 13?

Among the nearly 20 funds in the gold ETF space, Mirae Asset was among the top performers, rising over 8% in a single day to trade at Rs 146 a unit. The costliest ETF in the group was Choice Gold ETF, which traded at Rs 149.5, up about 6% on the day. 

Gold ETFs, which are mutual-fund-like schemes that track gold prices, had already been a preferred investment option for just over a year, as equity markets went through a rough patch during that period.

Why Are Analysts Still Bullish On Gold Prices Going Forward?

According to market watchers, the import duty hike has renewed interest in gold ETFs as a way to take exposure to the metal without direct purchase. This comes after gold rallied over 60% through calendar year 2025, following which analysts had expected the pace to slow, and it did for a while. The latest policy move, however, has brought buyers back.

Prime Minister Narendra Modi had earlier advised citizens to cut back on gold purchases to reduce pressure on foreign exchange reserves, and the import duty increase appears to be in line with that broader intent.

"Our structural view on gold and silver remains constructive. The global de-dollarisation theme, central bank buying, and currency-debasement hedging are all multi-year drivers that operate independently of any domestic tax decision. 

We expect international gold to move towards $6,000 an ounce over the next 12 to 18 months, with silver positioned as a meaningful beneficiary alongside it," said Anindya Banerjee, Head of Commodity and Currency Research, Kotak Securities.