Silver has seen a sharp cut, down nearly 5% as a stronger US dollar and rising expectations of rate hike by US Federal Reserve weighed on investor sentiment. It is now at the lowest point the precious metal hit in 2026. On Multi Commodity Exchange, Silver for the 03 July 2026 contract was quoted at Rs 2,26,850 per kg, down 3.18%, while Gold for the 05 August 2026 contract stood at Rs 1,46,320 per 10 grams, lower by 1.21%.
Silver ETF
The selloff across Silver ETFs was broad. Tata Silver Exchange Traded Fund traded at Rs 21.79, down 4.72%; Nippon India Silver ETF was at Rs 214.55, down 4.70%; Groww Silver ETF stood at Rs 22.00, lower by 4.56%; Zerodha Silver ETF traded at Rs 22.79, down 4.44%; and HDFC Silver ETF fell to Rs 214.26, a decline of 4.93%.
Among the other silver funds, Kotak Silver ETF was at Rs 21.75, down 4.77%; ICICI Prudential Silver ETF traded at Rs 224.00, lower by 4.65%; Angel One Silver ETF was at Rs 8.61, down 4.12%; SBI Silver ETF stood at Rs 219.70, down 4.79%; and Aditya Birla Sun Life Silver ETF was at Rs 224.26, lower by 4.53%.
| Asset bucket | Worst hit | Current price | Fall |
|---|---|---|---|
| MCX Silver | Silver (03 Jul 2026) | Rs 2,26,850 per kg | 3.18% |
| COMEX Silver | Silver | $62.59 per troy ounce | ~4% |
| Silver ETF | HDFC Silver ETF | Rs 214.26 | 4.93% |
| Gold ETF | Invesco India Gold ETF | Rs 125.20 | 1.96% |
The pressure covered the rest of the silver ETF basket as well. Axis Silver ETF traded at Rs 223.14, down 4.57%; Mirae Asset Silver ETF was at Rs 218.16, down 4.86%; UTI Silver ETF stood at Rs 216.38, lower by 4.83%; DSP Silver ETF traded at Rs 216.18, down 4.80%; Motilal Oswal Silver ETF was at Rs 222.07, down 4.36%; Edelweiss Silver ETF stood at Rs 224.12, down 4.61%; 360 ONE Silver ETF traded at Rs 221.11, lower by 4.57%; and Bandhan Silver ETF was at Rs 225.81, down 4.31%.
Gold ETF
Gold ETFs were lower too, though the fall was much milder than what silver funds saw. Groww Gold ETF traded at Rs 14.08, down 1.68%; ICICI Prudential Gold ETF stood at Rs 123.27, lower by 1.71%; Zerodha Gold ETF was at Rs 22.67, down 1.61%; SBI Gold Exchange Traded Scheme traded at Rs 122.82, lower by 1.70%; and HDFC Gold ETF was at Rs 123.07, down 1.50%.
The rest of the gold ETF basket also stayed in the red. Mirae Asset Gold ETF traded at Rs 140.08, down 1.55%; Axis Gold ETF stood at Rs 119.71, lower by 1.92%; Angel One Gold ETF was at Rs 13.45, down 1.68%; UTI Gold ETF traded at Rs 121.30, lower by 1.54%; Kotak Gold Exchange Traded Fund was at Rs 119.96, down 1.83%; Birla Sun Life Gold ETF stood at Rs 126.74, lower by 1.60%; Invesco India Gold Exchange Traded Fund traded at Rs 125.20, down 1.96%; and Motilal Oswal Gold ETF was at Rs 142.60, down 1.52%.
Further down the list, LIC MF Gold ETF traded at Rs 130.30, down 1.14%; DSP Gold ETF stood at Rs 139.77, lower by 1.65%; Quantum Gold Fund – Exchange Traded Fund was at Rs 119.32, down 1.63%; Union Gold ETF traded at Rs 141.05, lower by 1.71%; Edelweiss Gold ETF stood at Rs 143.95, down 1.64%; 360 ONE Gold ETF was at Rs 140.75, lower by 1.33%; Bandhan Gold ETF traded at Rs 144.09, down 1.58%; HSBC Gold ETF traded at Rs 125.55, lower by 1.72%; and Baroda BNP Paribas Gold ETF was at Rs 139.50, down 1.86%.
Conclusion
Silver remained the weaker side of the market through the session. MCX silver’s 3.18% drop was far steeper than MCX gold’s 1.21% decline, COMEX silver lost about 4%, and almost every domestic silver ETF saw a 4-5% fall. Gold funds were lower too, but the cuts were much smaller.