Commodities
Indian Gold and Silver ETFs Slump Amid Rising Crude Oil Prices
The gold and silver exchange-traded funds (ETFs) in India experienced heavy selling pressure on September 28, with silver ETFs bearing the brunt of a sharp correction in precious metal prices.
The decline was attributed to rising crude oil prices, inflation concerns, and growing expectations of further US Federal Reserve interest-rate hikes.
Silver ETFs fell by around 3.5%, 4%, while gold ETFs recorded losses of more than 2%. The immediate outlook for gold and silver will depend on the direction of crude oil prices, movements in the US dollar, bond yields, and signals from the Federal Reserve on interest rates.