Silver Price Sell-Off — Indian ETFs extend losses for second day in a row, drop up to 20%

India's Silver Exchange Traded Funds are continuing with the sell-off seen on Sunday, extending their fall as prices in the global spot market for the White Metal continue to trade with losses amidst heavy volatility.

The Nippon Silver BEES is down 16%, the ICICI Prudential Silver ETF is down 14%, Aditya Birla Sun Life AMC Silver ETF is also trading with losses of 17% in Monday's trading session, following the double-digit losses seen on Sunday as well. Prices of Silver on the MCX are also down 9% after having declined a similar quantum on Sunday as well.

Global Silver prices are down between 6% to 8% on Monday, as volatility continues to grip commodities and precious metals as the US Dollar continues to strength after the nomination of Kevin Warsh as the new Fed Chair by US President Donald Trump.

Silver spot prices tanked 37% intraday on Friday in the global markets, marking the biggest single-day fall on record for the White Metal, will trillions in market value being wiped out. A stronger US Dollar after the nomination of Kevin Warsh as the next Fed Chair, coupled with liquidation of leveraged positions accelerated the fall.

While spot prices fell the way they did, some Silver ETFs on Wall Street declined up to 60% on Friday. US Markets will resume trading after the weekend holiday later this evening.

ETFs in India had already declined between 15% to 20% last Friday as, as prices in the global markets had begun to decline during regular trading in India itself. However, the bigger and sharper fall took place after market closing.

Other ETFs, ranging from ICICI Prudential to Zerodha, are also seeing a sharp fall on Monday, between 15% to 20%.