Silver Soars, Gold Climbs: A Strong Week for Canadian Precious Metals ETFs
Canadian gold and silver ETFs posted strong gains last week as rising Fed cut expectations and tighter silver supply boosted precious-metals markets.
Gold and silver extended their powerful 2025 rally last week, lifted by renewed expectations of an imminent US rate cut, stronger demand for safe-haven assets, and tightening physical markets—especially in silver. With markets pricing in an 87% probability of a December Fed rate reduction, both metals surged into month-end and helped propel Canadian-listed ETFs to some of their strongest weekly gains of the year.
Gold continued its steady climb toward multi-month highs after weak US data and dovish commentary reinforced the case for easing monetary policy. The metal remains on track for its best annual performance since the late 1970s, supported by central-bank buying and resilient ETF inflows. Meanwhile, silver once again stole the spotlight, rising more than 10% on the week as supply conditions tightened further and inventories in Asia stayed near decade lows. The gold-silver ratio has now compressed dramatically from earlier in the year, underscoring silver’s relative strength.
This momentum fed directly into Canadian ETF markets, where investors continued to add precious-metals exposure through both bullion and mining strategies.
How Did Canadian Precious Metals ETFs Perform?
Canadian-listed gold and silver ETFs delivered an exceptional week across the board, with gold miners leading the entire sector thanks to their leveraged sensitivity to rising spot prices.
The heavyweight of the Canadian gold segment, iShares S&P/TSX Global Gold Index ETF (XGD), advanced 11.36% last week and now sits at an impressive 138.74% year-to-date. XGD also saw $5.16 million of inflows, reinforcing its position as the primary vehicle for broad mining exposure.
Among bullion products, the Purpose Gold Bullion Fund ETF (KILO) posted a solid 3.89% weekly gain and continued to attract investor interest, adding nearly $3 million in new flows. Larger bullion ETFs showed similarly stable performance, contributing to the $5.6 million sector-wide inflows into Canadian gold products over the week.
Silver ETFs matched the strength of the underlying metal. The iShares Silver Bullion ETF (SVR) rose 10.23%, bringing its year-to-date gain above 82%. Despite no new flows this week, SVR remains one of the most actively tracked silver vehicles in Canada with over $315 million in assets.
The most explosive moves came from gold-mining ETFs. The BMO Equal Weight Global Gold Index ETF (ZGD) surged 15.43%, while the BMO Junior Gold Index ETF (ZJG) rallied 16.07%, reflecting investors’ appetite for higher-beta exposure. Meanwhile, Global X Gold Producers ETF (GLDX) gained 12.74%, maintaining a remarkable 172.29% rise so far this year, despite experiencing modest outflows.
Silver mining and trust vehicles also participated: Purpose Silver Bullion Trust (SBT.B) advanced over 9%, both tracking the sharp late-month jump in spot silver.
Overall, Canadian precious-metals ETFs posted some of their strongest combined weekly returns of 2025, driven by rate-cut momentum, strong macro tailwinds, and investor demand for assets that continue to outperform the broader market.
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Please note this article is for information purposes only and does not in any way constitute investment advice. It is essential that you seek advice from a registered financial professional prior to making any investment decision.
