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Gold and silver ETFs fall as bullion prices slide
Silver ETFs dropped as much as 4% Monday, while spot gold fell 2.1% to $4,198.10 an ounce.
Gold and silver exchange-traded funds plunged on Monday, September 28, as heavy selling pressure tracked a sharp decline in precious metal prices, according to LiveMint Markets.
The sell-off accelerated in silver, with silver ETFs falling as much as 4%, while gold ETFs dropped more than 2%, amid rising crude oil prices that stoked inflation concerns and increased expectations for additional US Federal Reserve interest rate hikes.
Among silver ETFs, SBI Silver ETF declined 3.99%, Nippon India Silver ETF fell 3.57%, and Tata Silver Exchange Traded Fund dropped 3.51%, while ICICI Prudential Silver ETF fell 3.44%.
On the gold side, ICICI Prudential Gold ETF fell 2.92%, SBI Gold ETF dropped 2.85%, Nippon India ETF Gold BeES slipped 2.80%, and Tata Gold Exchange Traded Fund declined 2.67%, with spot gold down 2.1% to $4,198.10 an ounce and heading for its biggest single-day decline since September 1.
Latest closeGold $4,320.50 ▲0.5%|Silver $64.71 ▲2.0%|WTI crude $92.44 ▼2.3%