Silver exchange-traded funds fell on Thursday, October 22, 2026, as rate hike fears hit the market. HDFC Silver ETF dropped 2.7 per cent, while many others fell over 2 per cent. Rajeev Sharan said, “Silver is taking a bigger hit as elevated borrowing costs also weigh on industrial demand.”

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.

Heena Ojha New Delhi

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Silver exchange-traded funds (ETFs) were under selling pressure on Thursday, October 22, 2026, tracking a fall in precious metals prices.

At 02:00 PM, among others, 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.

In the international market, spot silver fell 3.4 per cent to $55.97 on rising fears of a US rate hike, while renewed tension in West Asia pushed oil prices higher and fanned inflation concerns. Brent crude’s December futures were quoting at $110.2, up 1.3 per cent. WTI crude was up 1.1 per cent at $98.26 per barrel..

Tracking global commodity prices, on the Multi-Commodity Exchange (MCX), silver futures on the MCX also fell. Silver December futures were down 2.5 per cent at ₹2,03,772 per 1 kg.

Gold Exchange Traded Funds also slipped in Thursday's intra-day trade, tracking a decline in international Gold rates. Union Gold ETF, 360 ONE Gold ETF, Edelweiss Gold ETF and Axis Gold ETF dipped by over half a per cent each.

Rajeev Sharan, head of research, Brickwork Ratings, said that the recent drop in precious metal prices shows an unexpected trend. Normally, crude oil jumping above $110 a barrel and rising West Asian tensions would push investors toward safe-haven assets. Instead, spot gold dipped near $4,118 an ounce and silver fell toward $57, while Indian MCX futures slipped to ₹1,46,041 per 10 grams for gold and ₹2,09,184 per kilogram for silver.

He added that the surge in energy costs has sparked fresh inflation concerns, strengthening the case for another rate hike. “As traders brace for a tough Federal Reserve stance next week, higher bond yields and a steady dollar have raised the opportunity cost of holding non-yielding bullion. Gold is now caught between global conflict fears and high interest rates, while silver is taking a bigger hit as elevated borrowing costs also weigh on industrial demand,” he added.