Gold and silver ETFs fell by up to 8% on Monday after prices of both precious metals opened sharply lower on the Multi-Commodity Exchange (MCX). The decline came as escalating tensions in the Gulf drove crude oil prices higher, stoking fresh inflation concerns, while stronger-than-expected US economic data reinforced expectations that interest rates may remain elevated for longer.
Out of 23 gold ETFs, Baroda BNP Paribas Gold ETF and Kotak Gold ETF fell the most, around 5% each, whereas the other gold ETFs corrected between 3% and 4% on Monday. Nippon India ETF Gold BeES, the largest fund in the category based on assets managed, corrected 3%. SBI Gold ETF, Zerodha Gold ETF, and HDFC Gold ETF corrected 3% on Monday.
