Silver and gold ETFs plunged up to 8% on Thursday as gold and silver prices extended their decline for a second straight session on the MCX. The fall was driven by a stronger US dollar and rising expectations that the US Federal Reserve may raise interest rates later this year.
Tata Silver ETF fell the most, dropping around 8% to hit a day’s low of Rs 20.01 against its previous close of Rs 21.66. HDFC Silver ETF declined 6%, while around 38 other silver ETFs fell about 5%. Bandhan Silver ETF slipped 4% to a day’s low of Rs 214.01.
