Oil, Fed rate worries send gold and silver ETFs tumbling
Gold and silver ETFs dropped sharply on Monday, mainly because rising oil prices have everyone worried about inflation and more possible US Federal Reserve rate hikes.
Silver ETFs slid as much as 3.6%, while gold ETFs were down more than 2%.
This matches what's happening globally, with spot gold also falling by 2.1%.
SBI Silver ETF drops 3.59%
SBI Silver ETF led the fall among silver funds, dropping 3.59% to ₹216.23, followed closely by Nippon India Silver ETF and Tata Silver Exchange Traded Fund.
On the gold side, ICICI Prudential Gold ETF slipped 2.64% to ₹125.63, with other big names like SBI Gold ETF also losing value.
Indian stock markets weren't spared either: Sensex tumbled 975 points, showing just how much inflation fears are shaking things up for investors right now.