Mumbai, June 25: The decline in gold and silver prices has impacted Gold ETFs (Exchange Traded Funds) and Silver ETFs, with both experiencing a drop of nearly 4% on Thursday.
According to NSE data, Nippon India Silver ETF (Silver Bees) fell by 3.99% to ₹202.58, SBI Silver ETF decreased by 3.93% to ₹208.26, HDFC Silver ETF dropped by 4% to ₹200.39, and Tata Silver ETF declined by 3.92% to ₹20.
Gold-related ETFs also saw a downturn. Nippon India Gold ETF (Gold Bees) decreased by 2.21% to ₹114.55, ICICI Prudential Gold ETF fell by 2.76% to ₹117.95, SBI Gold ETF dropped by 2.8% to ₹118.17, and HDFC Gold ETF decreased by 2.64% to ₹117.75.
Additionally, there is a noticeable weakness in gold and silver prices. According to the India Bullion Jewellers Association (IBJA), the price of 24-carat gold has decreased by ₹2,156, now standing at ₹1,40,022 per 10 grams, down from ₹1,42,178 per 10 grams. The price of 22-carat gold has fallen from ₹1,30,235 to ₹1,28,260 per 10 grams. Meanwhile, 18-carat gold is now priced at ₹1,05,017 per 10 grams, down from ₹1,06,634 per 10 grams.
In the international market, gold and silver are trading mixed. As of the time of writing, gold on Comex is up by 0.06% at $4,010.32 per ounce, while silver is down by 0.94% at $57.51 per ounce.
The decline in gold and silver prices is attributed to signals from the U.S. Federal Reserve regarding interest rate hikes. Furthermore, the dollar index surpassing 101 has exacerbated the situation.
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