ProShares Ultra Silver (AGQ) surged 9.43% during intraday trading on Friday, as the leveraged silver ETF experienced a significant price increase.
The sharp rise is 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. 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.