The gold and silver rates today have seen a sharp correction after the stupendous rally. As a result, Indian gold and silver ETFs also sold off sharpl,y ending a stretch of near-vertical gains. Gold ETFs fell as much as 9.06% in a single day. Silver ETFs dropped even harder, with losses running to 11.47%, despite one-year returns that remain extraordinary.
The ETF slide followed a sudden break in global futures markets. COMEX Gold closed at $5,126.90, down 3.60%. COMEX Silver fell to $106.99, down 6.51%. Both contracts were trading near session lows at the time, and the move trickled down directly into Indian ETF prices.
Spot prices crack after record highs
The weakness had already been visible in longer-dated contracts. Gold futures dated 02 April 2026 slipped to Rs 1,77,601/10 gm, down 3.46% on the day. Silver futures dated 05 March 2026 fell much harder to Rs 3,68,689/kg, a 7.80% decline. Together, the moves marked one of the sharpest coordinated pullbacks in precious metals in years.
Gold ETFs fall up to 9.06% in one session
Gold ETFs declined across the board, with one-day losses clustered between roughly 5.80% and 9.06%, even as one-year returns stayed near the mid-90% range.
Tata Gold Exchange Traded Fund fell 6.91% on the day. Its NAV stood at Rs 15.84, while the one-year return was +94.45%.
Nippon India ETF Gold BeES declined 7.48%, with a NAV of Rs 135.93 and a one-year return of +95.09%.
Zerodha Gold ETF dropped 6.38%. Its NAV was Rs 25.00, and the one-year return was +95.72%.
ICICI Prudential Gold ETF slid 7.87%, with a NAV of Rs 140.52 and a one-year return of +95.62%.
SBI Gold Exchange Traded Scheme fell 7.46%. Its NAV stood at Rs 140.03, while the one-year return was +95.16%.
HDFC Gold Exchange Traded Fund declined 7.32%, with a NAV of Rs 140.27 and a one-year return of +93.22%.
Kotak Gold Exchange Traded Fund dropped 5.80%. Its NAV was Rs 136.99, and the one-year return came in at +95.33%.
Axis Gold ETF recorded the steepest fall in the group, dropping 9.06%. Its NAV was Rs 136.94, while the one-year return stood at +95.39%.
Silver ETFs absorb heavier damage, down up to 11.47%
Silver ETFs took significantly heavier hits, tracking the sharper fall in the metal itself. Even after the drop, one-year returns remain extreme, mostly between 270% and 287%.
Tata Silver Exchange Traded Fund fell 8.33%. Its NAV was Rs 35.87, and the one-year return stood at +287.09%.
Nippon India Silver ETF declined 9.75%, with a NAV of Rs 340.03 and a one-year return of +271.98%.
Zerodha Silver ETF dropped 10.53%. Its NAV was Rs 34.78. No one-year return figure was shown.
ICICI Prudential Silver ETF fell 9.60%, with a NAV of Rs 355.15 and a one-year return of +274.15%.
HDFC Silver ETF declined 10.47%. Its NAV stood at Rs 340.44, while the one-year return was +269.17%.
Aditya Birla Sun Life Silver ETF dropped 9.98%, with a NAV of Rs 354.50 and a one-year return of +273.22%.
SBI Silver ETF fell 9.00%. Its NAV was Rs 347.48, and the one-year return stood at +271.59%.
Kotak Silver ETF slid 11.23%. Its NAV was Rs 344.95, with a one-year return of +273.13%.
UTI Silver ETF declined 9.74%, with a NAV of Rs 339.82 and a one-year return of +270.02%.
Axis Silver ETF posted the sharpest fall of all, dropping 11.47%. Its NAV stood at Rs 352.65, while the one-year return was +272.07%.
Kolanovic: Silver drop of 50% “almost guaranteed”
The selloff aligns closely with comments from Marko Kolanovic, the former JPMorgan Head of Global Research who left the bank in 2024.
In a post on social network platform X, he stated “Silver is almost guaranteed to drop 50% from these levels within a year or so. Historically episodes in commodities or various speculative assets point to that.”
He added that commodity bubbles tend to unwind quickly once physical supply responds. “Unlike purely fictitious assets like NFTs, bubble in commodity can’t last long – industry demand dries up, supply e.g. recycling increases, and new production is hedged.”
Peter Brandt points to extremes beneath the surface
Veteran trader Peter Brandt had raised similar concerns, focusing on price behavior and market structure rather than forecasts.
In a post on X, formerly Twittter, he wrote, “Little-known facts maybe worth knowing,” Brandt wrote. “According to this graph, the last WoW 5% closing price decline in Gold was back at the 2013 low — 13 years ago. That is one heck of a trend wouldn’t you say. $XAUUSD $GC_F. I have lived in a world of ‘price.’ I know lots of nerdy price stuff.”
On silver, Brandt highlighted how volume itself can become a warning sign.
“So far this week, Comex has traded 4.3 billion ounces of Silver — Not paper silver you conspiracy theorists. That is 5.2 years of production,” he wrote. “You can think of it as DEMAND. But you can also think of it as SUPPLY.”
He added that miners would logically respond to prices at these levels.
“If I am the CEO of a low-cost-of-production mining operation, I would be INSANE for not hedging at least three years of production at $110/oz, which could be 3 to 4X my AISC production cost.”
Brandt later reflected on the scale of the move itself.
“Precious metals. I have no idea where prices are going. This is obviously one of the biggest market moves of my career,” he wrote, recalling advice from his mentor at Cargill:
“At some point in a monster move he would say, ‘This move is obscene. The markets do not allow obscenity forever.’”
Conclusion
The sudden drop across gold and silver ETFshas brought in an air of caution. Prices remain far above last year’s levels, but the combination of record highs, extreme trading volumes, and increasingly blunt warnings from experienced market experts have begun to show up in price