The silver price today is down 30% from the previous day’s close. In the Indian markets, silver is seeing a big price decline on Monday. As against MCX spot silver price of Rs 3,33,292 on Friday, silver trades around 2,32,634, down over Rs 1 lakh per kg, on Monday.
The bigger hit is in the Silver ETF space, where the market price closed the Monday session down by up to 19%. Silver ETFs registered on Indian stock exchanges continue to suffer heavy losses, as they did last week.
The market price of all the listed silver ETFs, including Tata Silver Exchange Traded Fund, Aditya Birla Sun Life Silver ETF, Edelweiss Silver ETF, Mirae Asset Silver ETF, Nippon India Silver ETF, HDFC Silver ETF, ICICI Prudential Silver ETF, was down between 11% and 19% on Monday.
In the international market, silver trades around $80, down over 5% from Friday’s close. Silver has shed nearly $41 from its all-time high price, which is about 33% from the all-time high price of $121. MCX silver futures trade at around Rs 2,54,796 for the 05MAR2026 contracts, that’s 4% lower than Friday’s closing price. Silver futures price recovered a bit during the intra-day trades today.
CME Group has raised margins on Comex gold and silver futures, starting February 2. Silver margins will increase to 15% from 11% for non-heightened risk profiles and to 16.5% for heightened risk profiles from 12.1% now.
NAV and Market Price
In the case of ETF, there is the NAV or the iNAV and then there is the market price of the ETF. The trading happens on the ETF’s market price and not the NAV.
The sudden fall in the price and not the NAV of Silver ETFs happens because of the ‘premium’ that had been built into the price over the last few weeks, if not months. The recent fall in the market price of ETFs seems to be on the back of a breakdown in prices in the international market.
When the ETF market is not deep enough to manage liquidity, there is a likelihood of a disconnect in the trading of units.
Nippon India Silver ETF
Let us take India’s largest Silver ETF, Nippon India Silver ETF or the Silver SILVERBEES, to understand better. Nippon India Silver ETF has a total market cap of Rs 31,001 crores.
The NAV on 22 Jan 2026 was 279.6775, while on 23 January, the units traded at around Rs 297. This means there was still a premium of about 6%.
On February 1, NAV is 317.0581 but on February 2, the ETF’s previous close was 252.50, while it opened at 252.49 and closed at 219.94, down by 12.5%. On February 2, the total value traded in the ETF was Rs 6,932.64 crores.
The Nippon India Silver ETF is down by 40% from its all-time high price of Rs 360, touched on January 30.