Precious metals snapped the 2-day rebound, and a sharp sell-off in early trade led by silver. MCX Futures prices cracked first, and ETF prices followed. On MCX, Gold April Futures traded at Rs 1,50,900 per 10 grams, down 1.40%, while Silver March Futures slipped to Rs 2,44,003 per kg, logging a steep 9.24% fall. The sharp move in silver futures translated into heavy losses across silver ETFs, while gold ETFs declined moderately in comparison.
Silver ETFs
Silver ETFs witnessed aggressive one-day selling, with losses ranging from double digits to nearly 15%. Kotak Silver ETF traded at Rs 237.42, down 14.61%, while Edelweiss Silver ETF fell 13.48% to Rs 244.49. Mirae Asset Silver ETF closed at Rs 237.42, slipping 13.06%, and HDFC Silver ETF ended at Rs 232.70, down 12.74%.
ICICI Prudential Silver ETF traded at Rs 242.16, falling 12.65%, while SBI Silver ETF declined 12.39% to Rs 238.96. DSP Silver ETF dropped 12.00% to Rs 234.87, and Nippon India Silver ETF slid 12.02% to Rs 233.65.
Axis Silver ETF traded at Rs 242.60, down 11.95%, while Tata Silver Exchange Traded Fund fell 11.83% to Rs 23.93. Zerodha Silver ETF slipped 11.88% to Rs 24.93, and Aditya Birla Sun Life Silver ETF declined 11.92% to Rs 243.60.
UTI Silver ETF ended at Rs 235.84, down 11.76%, Groww Silver ETF traded at Rs 239.37 after a 11.60% fall, and Motilal Oswal Silver ETF slipped 11.54% to Rs 244.03. Bandhan Silver ETF closed at Rs 248.36, down 10.71%, while 360 ONE Silver ETF traded at Rs 243.74, lower by 10.45%.
Gold ETFs
Gold ETFs moved lower in line with MCX gold, though the extent of the fall remained limited compared to silver. Invesco India Gold ETF traded at Rs 13,053, down 4.52%, while Edelweiss Gold ETF slipped 4.33% to Rs 151.40. Axis Gold ETF declined 4.51% to Rs 125.28, and Motilal Oswal Gold ETF ended at Rs 151.00, down 4.19%.
DSP Gold ETF traded at Rs 146.58 after a 4.04% fall, while The Wealth Company Gold ETF slipped 4.05% to Rs 149.91. Mirae Asset Gold ETF closed at Rs 146.29, down 4.02%, and Choice Gold ETF traded at Rs 150.30, lower by 4.21%.
ICICI Prudential Gold ETF ended at Rs 129.34, falling 4.03%, while SBI Gold ETF slipped 3.80% to Rs 129.01. Baroda BNP Paribas Gold ETF traded at Rs 146.55, down 3.78%, Bandhan Gold ETF closed at Rs 151.00, lower by 3.77%, Quantum Gold ETF slipped 3.65% to Rs 124.80, and HDFC Gold ETF traded at Rs 129.34 after a 3.63% decline.
Conclusion
Silver bore the brunt of the sell-off, with MCX futures dropping over 9% and silver ETFs posting sharp double-digit losses across the board. Gold prices softened as well, but the damage remained limited to around 4–5% in most gold ETFs. The contrast between the two metals showed how quickly volatility can build in silver compared with gold when futures prices move decisively in one direction.