Silver ETFs Plunge: Axis Drops 21% Amid US–Iran Rumors, Investors Scramble
Gold, Silver Rate Today On March 29
Silver ETFs crashed spectacularly on Thursday, shattering a two-day recovery on MCX and leaving investors reeling. The rumored US–Iran talks in Oman caused panic, resulting in a complete loss of safe-haven demand and excessive profit-taking. The Axis Silver ETF experienced an astonishing drop of 21%, falling from ₹275 to ₹216.86, creating a shocking decrease in value. HDFC, ICICI Prudential, Edelweiss, SBI, and Kotak Silver ETFs also tumbled 12–17%, sending traders scrambling. Silver investors need to prepare themselves for this market rollercoaster, don’t they?
Analysts believe the current market situation has become a dangerous conflict zone due to geopolitical tensions and heavy selling.
| Metal | Jan 28 – Feb 2 Drop | Feb 3 – Feb 4 Recovery | Thursday Trade Impact |
|---|---|---|---|
| Silver | Down 32% | Up 11% | Selling pressure returned |
| Gold | Down 13% | Up 6.5% | Selling pressure returned |
According to experts, silver is experiencing unstable price movement at the present time. The price will remain within the range of $74 to $91, which equals approximately ₹2,35,000 to ₹2,85,000. If the price drops below $74, prepare for a decrease that could reach $69. Traders should prepare themselves for market fluctuations while they monitor price bands and implement a strategy of purchasing during price declines and selling during price increases.
(With Inputs From ANI)
Also Read: Gold And Silver Prices Sparkle on MCX: Volatility Rises Amid Global Cues and…
Aishwarya is a journalism graduate with over three years of experience thriving in the buzzing corporate media world. She’s got a knack for decoding business news, tracking the twists and turns of the stock market, covering the masala of the entertainment world, and sometimes her stories come with just the right sprinkle of political commentary. She has worked with several organizations, interned at ZEE and gained professional skills at TV9 and News24, And now is learning and writing at NewsX, she’s no stranger to the newsroom hustle. Her storytelling style is fast-paced, creative, and perfectly tailored to connect with both the platform and its audience. Moto: Approaching every story from the reader’s point of view, backing up her insights with solid facts.
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