Silver and gold ETFs drop amid US Federal Reserve worries

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Nippon India SilverBeES led slide

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 below $4,000 pressures ETFs

Spot gold prices worldwide kept falling after breaking below the $4,000-per-ounce mark.

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A strong US dollar and expectations of more rate hikes are making bullion less attractive for investors, which is pushing ETF prices lower.