Oil Price Surge Crushes Gold, Silver ETFs in Broad-Based Sell-Off

Gold and silver ETFs plummeted on Monday as rising crude oil prices and fresh US Federal Reserve rate-hike expectations triggered a broad-based sell-off across precious metals.

Silver ETFs took the biggest hit, falling as much as 3.6%, while gold ETFs dropped more than 2% alongside a broader domestic equity market crash where the Sensex tumbled 975 points.

The combination of higher oil prices, inflation concerns, rising yields, and expectations of additional Fed rate hikes contributed to the weakness in global precious metals.