We’ve been talking about gold and silver ETFs in the Indian market (especially after that wild January 2026 premium crash), let’s break down iNAV in plain, easy language. “iNAV” think of it like checking the MRP or “fair price” of something before you buy it at a crowded market.
First, Quick Recap: What is iNAV?
- NAV (Net Asset Value) is the true value of one unit of an ETF or mutual fund. It’s calculated only once a day, usually after the market closes (around evening or night).
- iNAV stands for Indicative Net Asset Value (or Intraday NAV). It’s like a “live update” version of NAV that changes throughout the trading day (9 AM to 3:30 PM IST).
- Why do we need it? ETFs trade on the stock exchange like shares, so their price can go up or down based on what buyers and sellers are willing to pay right now. But that trading price might not match the real value of the gold/silver inside the ETF. iNAV shows you the fair, real-time value so you don’t overpay (premium) or undersell (discount).
Also read: https://orangenews9.com/indias-fiscal-reset-budget-2026-27-to-power-the-next-growth-sprint/
In short: Market price = what people are paying now. iNAV = what it should actually be worth based on current gold/silver prices.
For gold and silver ETFs in India (like Nippon India Gold BeES, Tata Silver ETF, HDFC Silver ETF, etc.), iNAV is super important because these metals trade globally 24/7, but our stock market is only open for limited hours — leading to those big gaps we saw in January 2026.
On January 22, 2026, the Indian markets witnessed a bloodbath in precious metal ETFs. While the actual price of silver fell by roughly 6% globally, some Indian Silver ETFs crashed by a staggering 24% in a single day. There was again a steep fall in Precious Metals in last 2 days of January 2026. (You can reach out to the author at srinivasbg@invictusfinserv.com)
