Silver Price Sell-Off — Here's how Indian ETFs are reacting to the moves

Apart from Finance Minister Nirmala Sitharaman's speech for Budget 2026, the spotlight will also be on India's Silver Exchange Traded Funds (ETFs), considering the commodity meltdown witnessed in the global markets on Friday night. All the ETFs have also opened with losses after prices on MCX are down up to 9% on Sunday.

The Nippon Silver BEES is down 12%, the ICICI Prudential Silver ETF is down 10%, Aditya Birla Sun Life AMC Silver ETF is also trading with losses of 12% in early trading on Sunday.

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.

ETFs in India had already declined between 15% to 20% on Friday, 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.

The Nippon AMC Silver BEES ended 18.6% lower on Friday at ₹286.48. There have been concerns whether traders will be able to sell the ETF if the free fall continues. Nippon AMC highlighted that the circuit limit for ETFs is 20% from T-2 Net Asset Value (NAV). In case the prices dip below that level, trading will come to a halt. This is applicable to ETFs across the industry.

Other ETFs, ranging from ICICI Prudential to Zerodha, had also seen a sharp fall on Friday, between 15% to 20%.