Silver ETFs fell up to 5% on Friday, October 23, 2026, as rising oil prices and inflation fears hit bullion markets. Sudeep Shah said, “Indian silver ETFs absorb these global shifts alongside rupee-dollar fluctuations.” Investors now watch international trends and US interest rate expectations closely as domestic silver futures also fell.
Silver and Gold prices dipped in the last two sessions, with yellow metal dipping 2 per cent and silver down 1 per cent intraday on Friday.
Heena Ojha New Delhi
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Silver exchange-traded funds (ETFs) continued to remain under selling pressure on Friday, October 23, 2026, mirroring a fall in precious metals prices. Both Silver and Gold prices dipped in the last two sessions, with yellow metal dipping 2 per cent and silver down 1 per cent intraday on Friday.
At 10:34 AM, among others, HDFC Silver ETF was down over 4 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 3 per cent. Notably, the ETFs had recovered marginally before crashing up to 5 per cent intraday on Friday.
In the international market, spot silver fell nearly 2 per cent to $53.45 amid profit-booking, rising inflation concerns and expectations that US interest rates may remain higher for longer, said Nirpendra Yadav, senior research analyst at Bonanza.
He added that a stronger US dollar and elevated bond yields are weighing on investment demand, while concerns over industrial demand are adding to the pressure on silver. In the domestic market, easing supply constraints and narrowing premiums could also be contributing to the correction.
“In the near term, silver is likely to remain volatile, and investors should watch global price movements, the dollar, US interest-rate expectations and domestic premiums for further direction,” he said.
Notably, oil prices also spiked further on Friday, with Brent crude’s December futures quoting at $113.5, up 0.33 per cent. WTI crude was up 0.26 per cent at $99.73 per barrel.
Tracking global commodity prices, on the Multi-Commodity Exchange (MCX), silver futures on the MCX also fell. Silver December futures were down 2.27 per cent at ₹1,95,064 per 1 kg.
Sudeep Shah, head, technical and derivatives Research at SBI Securities, said that a dip in silver ETFs has been triggered by a steep drop in international silver prices, fueled by rising oil, lingering inflation, and delayed US rate-cut expectations. “Indian silver ETFs absorb these global shifts alongside rupee-dollar fluctuations. Given this heightened volatility, investors should track international silver trends, the dollar index, and US bond yields to gauge future direction,” he said.