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Gold And Silver ETFs Slide As Stronger U.S. Dollar Weighs On Precious Metals
Last Updated: 4th March 2026 - 06:33 pm
Summary:
Gold and silver exchange-traded funds (ETFs) declined sharply on March 3 as a stronger U.S. dollar and global market volatility offset safe-haven demand, according to exchange data.
Precious metal ETFs reversed gains after touching a more than four-week high on March 2. Silver ETFs recorded the steepest losses on March 3. HDFC Silver ETF fell 8.5%, while UTI Silver ETF, Groww Silver ETF, Tata Silver ETF, Axis Silver ETF, and ICICI Prudential Silver ETF each declined more than 7%, according to NSE data.
Gold ETFs also came under pressure. Axis Gold ETF, Union Gold ETF, and The Wealth Company Gold ETF dropped over 4%, while Groww Gold ETF, ICICI Prudential Gold ETF, Bandhan Gold ETF, and DSP Gold ETF fell around 3.7%, as per exchange data.
The decline mirrored movements in international markets after Indian markets reopened on March 3 following a holiday on March 2 for Holi.
International Prices And Dollar Movement
International silver prices fell from around $96-$97 to below $78 in the previous session, marking a drop of about 10–15%, according to Hareesh V, Head of Commodity Research at Geojit Financial Services. He also said a sharp recovery in the U.S. dollar contributed to the fall in gold and silver prices.
Data from global markets showed heightened volatility amid ongoing geopolitical tensions involving the U.S., Israel, and Iran.
MCX Futures Trade Higher
On the Multi-Commodity Exchange (MCX), however, gold and silver futures traded higher on March 3. Gold April 2 futures rose 1.53% to ₹1,63,581 per 10 gm, while Silver May 5 futures gained 3.08% to ₹2,73,500 per kg, according to MCX data.
Brent crude oil prices were up 1.49% at $82.61 per barrel, while WTI crude rose 1.09% to $75.37 per barrel, according to Reuters.
The fall in gold ETFs and silver ETFs on domestic exchanges reflected global price movements and currency fluctuations, even as futures prices on MCX recorded gains during the trading session.
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