Gold ETF Crash Deepens as Silver ETFs Plunge Up to 20% Amid Sharp Fall in Gold and Silver Prices Today

Market Performance: Precious Metals See Sharp Intraday Damage

Sunday’s special trading session ahead of Budget 2026 was volatile for the precious metals market. As trading opened, gold and silver prices slipped sharply, triggering an even steeper reaction in exchange-traded funds linked to these metals.

The fall was sudden. It was broad-based. It hit both commodity prices and ETFs simultaneously.

On the Multi-Commodity Exchange (MCX):

• Gold prices crashed 9% intraday

• Gold fell to ₹136,185 per 10 grams

• Silver prices also declined 9%

• Silver dropped to ₹265,652

As prices weakened, gold ETFs and silver ETFs mirrored the pressure, but with higher intensity.

Why Gold and Silver Prices Fell Together

The selloff in gold and silver did not happen in isolation. It was triggered by multiple global and derivative-market factors playing out simultaneously.

Two developments stood out:

• A rebound in the US dollar, which typically puts pressure on precious metals

• CME Group is raising margins on Comex gold and silver futures

Higher margins tend to reduce leveraged positions. This led to unwinding pressure in international markets, which spilled over into Indian commodity prices and ETFs.

As global prices softened, domestic metal rates followed, and ETFs reacted sharply when Indian markets opened.

Gold ETFs Slide Up to 13% as Prices Track MCX Decline

Gold ETFs tracked spot price weakness, with losses in the double digits during the session.

Here’s how major gold ETFs performed:

• Nippon India ETF Gold BeES: down 11%

• ICICI Prudential Gold ETF: down 13%

• Zerodha Gold ETF: down 10.9%

• Angel One Gold ETF: down 12%

The declines were sharper than the underlying gold price move, highlighting how ETF prices amplified the intraday volatility.

Silver ETFs Face Steeper Damage, Fall Up to 20%

Silver ETFs saw a much deeper cut compared to gold-linked funds.

During the same session:

• SBI Silver ETF declined 20.50%

• ICICI Prudential Silver ETF fell 20.14%

• Axis Silver ETF dropped 20.16%

The fall in silver ETFs was notably steeper than the 9% decline in MCX silver prices, showing heightened volatility in silver-linked instruments.

Company Details: ETF Performance Snapshot

Gold ETFs

• Nippon India ETF Gold BeES: -11%

• ICICI Prudential Gold ETF: -13%

• Zerodha Gold ETF: -10.9%

• Angel One Gold ETF: -12%

Silver ETFs

• SBI Silver ETF: -20.50%

• ICICI Prudential Silver ETF: -20.14%

• Axis Silver ETF: -20.16%

Summary: What the Gold and Silver ETF Crash Signals

The special Budget 2026 trading session brought sharp volatility to the precious metals space.

• Gold and silver prices fell 9% on MCX

• Gold ETFs declined by up to 13%

• Silver ETFs plunged as much as 20%

• Margin hikes on global futures and a stronger dollar weighed on prices

• ETF movements magnified the intraday fall seen in spot commodities

The session highlighted how quickly global triggers can translate into sharp domestic ETF moves, especially during low-liquidity or special trading windows.  

Source: Livemint