Gold, Silver ETFs Slide Up to 20% as MCX Prices Extend Sharp Fall

Gold and silver exchange-traded funds (ETFs) declined sharply on February 02 after prices of both precious metals extended losses on the Multi-Commodity Exchange of India (MCX), according to market data.
The fall came amid heightened volatility in equity markets, with India VIX rising to 15.55, indicating increased uncertainty.

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Gold, Silver Prices Extend Losses on MCX

Gold futures with April expiry fell nearly 3% to ₹1,43,335 per 10 grams in early trade on Monday, as per MCX data. This marked a 26% decline, or around ₹50,000, from its lifetime high of ₹1,93,096 per 10 grams, recorded on Thursday.

Gold futures with June expiry declined by over 4%, while February expiry contracts fell around 3%, according to exchange data.

Silver futures with March expiry dropped 6% to ₹2,49,713 per kilogram on the MCX. The contract has declined by around 41%, or ₹1,70,335, from its lifetime high of ₹4,20,048 per kilogram touched on Thursday.

Silver futures with May expiry also declined 6% to ₹2,65,502 per kilogram, as per MCX data.

Silver, Gold ETFs Hit Hard

Silver ETFs recorded steep losses, with several funds hitting lower circuit limits, according to exchange data.

• Edelweiss Silver ETF fell 20% to ₹210.61 per unit.
• Axis Silver ETF also declined 20%.
• UTI Silver ETF, DSP Silver ETF, Aditya Birla Sun Life Silver ETF, and Kotak Silver ETF dropped around 20% each.

Meanwhile, Mirae Asset Silver ETF, Motilal Oswal Silver ETF, 360 ONE Silver ETF, and HDFC Silver ETF declined nearly 19%, while ICICI Prudential Silver ETF, Nippon India Silver ETF, SBI Silver ETF, and Tata Silver ETF fell around 18%, as per exchange data.

Among gold ETFs, Aditya Birla Sun Life Gold ETF and Motilal Oswal Gold ETF declined by over 9% each. ICICI Prudential Gold ETF, Mirae Asset Gold ETF, and others fell around 8%, while Edelweiss Gold ETF, HDFC Gold ETF, Baroda BNP Paribas Gold ETF, and Nippon India ETF (GoldBeES) also registered sharp declines.