Gold and silver ETFs closed trading in the red for the second consecutive day, failing to properly reflect spot price and futures price movement. Although prices were stable in the domestic market and there was a slight gain in the global market, ETFs faced a sharp fall. Silver ETFs in particular declined by about 2% on average.
Some key Silver ETFs:
Tata Silver ETF – 2.02% decline
Nippon India Silver ETF – 2.99% decline
Kotak Silver ETF – 3.32% decline
Zerodha Silver ETF – 2.70% decline
Similarly, many Silver ETFs like SBI, UTI, Axis, DSP also registered losses of 2%–3%. Out of this, Motilal Oswal Silver ETF declined the most by 4.91%.
Also, silver ETFs of companies like SBI, HDFC, ICICI Prudential, UTI, Axis, DSP also declined by 2% to 3%.Meanwhile, Gold ETFs also declined by around 1%.
Some of the major gold ETFs:
Tata Gold ETF – 1.02% decline
Nippon India Gold BeES – 1.28% decline
HDFC Gold ETF – 1.27% decline
ICICI Prudential Gold ETF – 0.98% decline
Kotak Gold ETF – 0.97% decline
Motilal Oswal Gold ETF – 1.81% decline
Many other gold ETFs like Mirae Asset, Axis, UTI, DSP, Aditya Birla, Motilal Oswal also declined by around 1%.
Overall, this fall in Gold and Silver ETFs was not limited to a few funds but was broad across almost all ETFs. Market experts say that the ETF market was under price action pressure due to factors like global price movement, West Asia tension and strong US dollar.
