Gold, Silver ETFs Recover Partially After Sharp Crash; Analysts Remain Bullish

• Gold and silver ETFs saw a partial recovery on February 2 after a sharp crash earlier in the day, with some gold ETFs even turning green.
• Edelweiss, Kotak, Mirae Asset, and Tata Silver ETFs recovered up to 10% after hitting a 20% lower circuit.
• MCX gold futures (April expiry) recovered over 9% to Rs 1,49,920 per 10 grams, recouping all losses from the day's low.
• The initial crash was attributed to rampant profit-booking, a stronger dollar, and the nomination of hawkish Kevin Warsh to head the US Federal Reserve.
• CME Group's announced hikes in margins for COMEX gold and silver futures also contributed to the decline, but analysts like Abhinav Tiwari and Siddharth Srivastava maintain a long-term bullish outlook for precious metals.

Why It Matters: Precious metal ETFs partially recovered from a sharp fall, with analysts maintaining a long-term bullish outlook.