According to NSE data, Silver ETFs have crashed up to 53% from their respective 52-week highs hit in January 2026, while Gold ETFs have declined up to 26% in the same period.
HDFC Silver ETF was down 2.7 per cent, Tata Silver ETF, SBI Silver ETF, Kotak Silver ETF, UTI Silver ETF, Axis Silver ETF, Mirae Asset Silver ETF, and DSP Silver ETF were down over 2 per cent.
Praveen Singh of Mirae Asset Sharekhan said that silver has fallen quite sharply in the last few weeks. The white metal looks weaker than gold, as ETF flows are not inspiring.
Mirae Asset Sharekhan said that traders may buy the metal with a strict stop-loss below $62 for short-term trading. Resistance is seen at $65, followed by the $66.05-$66.40 zone.
Analysts believe the bullion rose as the US Fed rate hike is largely discounted by the market. Meanwhile, a fall in oil prices for the third straight day softened inflation concerns.
In the spot market, gold prices declined around 1.22 per cent to ₹1,54,940 per 10 grams. Meanwhile, silver futures fell 0.5 per cent to ₹2,40,011 per kg.
Silver price outlook: Praveen Singh of Mirae Asset ShareKhan said that spot silver is expected to consolidate its gains after rising a whopping 12 per cent last week.
In the very short-term, silver can test the resistance around $61, with interim resistance at $59.45. Support is seen at $576.75/$54, while resistance is at $61.
Gold and Silver ETFs dipped 1% in Wednesday's trade due to a fall in precious metal prices. Analysts say gold is falling as fears of higher-for-longer US interest rate environment strengthened the US$
Investors withdrew nearly ₹3,000 crore from gold and silver ETFs in May as prices retreated from record highs, triggering profit booking and portfolio reallocation
In the international market, Gold fell on Wednesday, as oil prices rose on renewed hostilities between the US and Iran, fuelling concerns about inflation and interest rate hikes.