Silver ETFs Plummet 4% as Oil Prices Skyrocket
Silver ETFs took a sharp hit on September 28th, falling nearly 4% as the price of oil surged. This triggered a sell-off in precious metals, with gold ETFs declining over 2%. The increase in crude prices has raised concerns about inflation and tighter monetary policy in the US.
The decline was led by silver ETFs, with SBI Silver ETF falling 3.59% to Rs 216.23, Nippon India Silver ETF declining 3.57% to Rs 210.99, Tata Silver Exchange Traded Fund dropping 3.51% to Rs 21.43, and ICICI Prudential Silver ETF down 3.44% to Rs 220.49.
Gold ETFs also fell sharply, with ICICI Prudential Gold ETF down 2.64% to Rs 125.63, SBI Gold ETF declining 2.55% to Rs 125.16, and Nippon India ETF Gold BeES dropping 2.45% to Rs 121.38.
The decline in domestic precious-metal ETFs tracked a sharp correction in international bullion prices. Spot gold fell 2.1% to $4,198.10 an ounce, while US gold futures also fell 2.1% to $4,231. Silver weakened further, with spot prices falling 3.4% to $62.08 an ounce.