Gold-Silver ETFs Crash: Gold-Silver ETFs crash, price suddenly dropped by 12%; Why did the big decline happen?

Gold-Silver ETFs Crash: There was a huge fall in the prices of gold and silver ETFs on Thursday. Silver ETFs fell up to 12 per cent and gold ETFs fell up to 8 per cent during afternoon trade. This decline has come due to the big fall in the rates of gold and silver during morning trading.

Gold and silver prices fell sharply on Thursday morning on the futures market MCX. Silver fell by Rs 20 thousand and gold prices fell by Rs 4000. However, after some time the prices of gold and silver recovered.

Gold-silver price on MCX

At 12.20 pm, silver was trading at Rs 3,17,951 per kg, falling by Rs 600 on the Multi Commodity Exchange. Whereas the price of gold fell by Rs 400 to Rs 1,60,029. But gold and silver ETFs were still down big.

Tata Silver ETF fell 25% intraday

Tata Silver ETF had fallen by about 25% during intraday, but is currently trading down by 13%. There has been a decline of 8 percent in Silver Bees, which is currently trading at Rs 285. At the same time, a decline of 8 percent is also being seen in Gold Bees. Tata Gold has fallen by 9 percent. Silver and gold ETFs like HDFC, ICICI, SBI have also fallen by about 9 percent.

Why did the price of gold and silver suddenly fall?

The reason for the huge fall in gold and silver prices on Thursday is US President Donald Trump. Actually, he has said that a deal is going to be made between America and India soon. Trump has called PM Modi a good friend. He said that he has a lot of respect for Narendra Modi, he is a great person and my friend.

‘Trade deal between India and America soon’

Regarding India, Trump further said in his statement that there is going to be a great trade deal between us. After this statement, there was a huge rise in the stock market and gold and silver prices crashed, due to which ETFs also fell sharply. Due to these statements of Trump, global tension seems to be reducing a bit. Due to which the price of Gold/Silver, which is considered a safe asset, has fallen and the prices of Silver-Gold ETFs have fallen.

Also read: Outcry in Pakistan! For the first time in history, gold crosses ₹ 5 lakh, huge increase of ₹ 12,700 in a single day

Profit booking continues in ETF also

gold-silver etf The prices remained at their record high, but as soon as the prices of gold and silver started falling, investors started booking profits. Along with profit booking in gold and silver, profit booking is also going on in their ETFs.