Gold, Silver ETFs Plummet Up to 3.46% Amid Hawkish Fed Comments

Gold and silver exchange-traded funds (ETFs) took a hit on August 31, falling by as much as 3.46% in some cases.

The decline was triggered by hawkish comments from US Federal Reserve Chair Kevin Warsh, which strengthened expectations of higher interest rates.

Bullion prices remained under pressure amid rising interest rate expectations and a stronger dollar, making precious metals less attractive to investors.

Kotak Silver ETF led the pack with a 3.46% decline, followed closely by Mirae Asset Silver ETF at 3.40%. Commodity-Silver was down 3.38%, while UTI Silver ETF trailed behind at 3.37%.