ProShares Ultra Silver (AGQ), a leveraged exchange-traded fund designed to provide twice the daily performance of silver, surged 5.25% in pre-market trading on Friday.

The sharp rise appears to be driven by news that India, the world's largest silver buyer, has authorized banks to import gold and silver. This move resolves a recent customs logjam where precious metals shipments were held up due to a delay in the government issuing an official import directive. The authorization comes just ahead of the Akshaya Tritiya festival, a major gold and silver buying occasion in India, potentially signaling a significant boost in demand.

Analysts note that India relies almost entirely on imports to meet its domestic demand for precious metals. The previous administrative delay had left several tons of silver stranded at customs, creating supply concerns. The clearance of this bottleneck and the formal go-ahead for imports ahead of the festive season are seen as positive catalysts for silver prices, directly impacting leveraged instruments like the ProShares Ultra Silver ETF.