Silver and gold ETFs drop amid US Federal Reserve worries
Nippon India SilverBeES led slide
A strong US dollar and expectations of more rate hikes are making bullion less attractive for investors, which is pushing ETF prices lower.
Nippon India Silver ETF (SilverBeES) led the slide, down nearly 4%, with SBI, ICICI, and Tata's silver funds also tumbling.
Gold ETFs saw smaller losses: ICICI Prudential Gold ETF dropped just under 2%.
On MCX, gold futures dipped slightly while silver futures fell sharply before staging a swift recovery within minutes.
Spot gold prices worldwide kept falling after breaking below the $4,000-per-ounce mark.
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