Gold, silver ETFs fall up to 4% as stronger dollar, rate-hike fears weigh

Thu June 25 2026

Gold and silver exchange-traded funds (ETFs) remained under pressure on Thursday, June 25, tracking weakness in precious metal prices across domestic and global markets. Gold hovered near an eight-month low, while silver slipped to its weakest level since December.

At last check, gold was trading at $3,989.01 per ounce, down 0.04 per cent, while silver fell 1.07 per cent to $57.37 per ounce. In rupee terms, silver declined 1.29 per cent to ₹173,619.64 per kg, while gold was down 0.13 per cent at ₹12,087 per gram.

Analysts attributed the decline in precious metals to a stronger US dollar and growing expectations of further interest rate hikes by the US Federal Reserve. “Precious metals remained under pressure from a stronger US dollar, which climbed to a one-year high near 101.5, and growing expectations of Federal Reserve rate hikes in September, with additional increases potentially following before year-end. Additional selling emerged as a sharp decline in US technology stocks prompted some investors to liquidate bullion holdings to cover losses elsewhere,” said Pinky Yadav, Commodity Fundamental Analyst at Choice Broking.

Meanwhile, silver ETFs fell more than 4 per cent, while gold ETFs declined nearly 3 per cent during early trade. Ponmudi R, chief executive officer of Enrich Money, said the decline in gold and silver ETFs was largely driven by a sharp fall in international precious metal prices as geopolitical tensions in the Middle East eased significantly.

“With crude oil prices slipping back below $70 per barrel and safe-haven demand cooling, investors have started reducing exposure to bullion. At the same time, improving risk appetite, led by the global AI-driven rally in equity markets, has shifted fresh investments away from defensive assets like gold and silver,” he said.

According to Ponmudi, concerns over global growth, a stronger US dollar and persistent selling pressure in COMEX silver have further weighed on sentiment.

From a technical standpoint, gold continues to trade below the key $4,000 level, while silver remains under pressure below important resistance levels, indicating cautious near-term sentiment, he added.

Silver ETFs prices today

Among silver ETFs, Mirae Asset Silver ETF declined 4.34 per cent, DSP Silver ETF 4.31 per cent, Nippon India Silver ETF 4.30 per cent, SBI Silver ETF 4.27 per cent, Tata Silver Exchange Traded Fund 4.25 per cent, Motilal Oswal Silver ETF 4.22 per cent, Kotak Silver ETF 4.21 per cent, UTI Silver ETF 4.20 per cent, ICICI Prudential Silver ETF 4.15 per cent and Aditya Birla Sun Life Silver ETF 4.14 per cent.

Further, Zerodha Silver ETF and Edelweiss Silver ETF were down 4 per cent each, while 360 ONE Silver ETF fell 3.92 per cent and Angel One Silver ETF declined 3.40 per cent. Bandhan Silver ETF was lower by 2.83 per cent.

Analysts said silver ETFs have corrected more sharply than gold ETFs as silver functions both as a precious metal and an industrial commodity.

Gold ETFs prices today

Among gold ETFs, Kotak Gold Exchange Traded Fund and Bandhan Gold ETF fell 2.5 per cent each. Groww Gold ETF declined 2.45 per cent, followed by Baroda BNP Paribas Gold ETF (2.32 per cent), DSP Gold ETF (2.22 per cent), Edelweiss Gold ETF (2.22 per cent), SBI Gold Exchange Traded Scheme – Growth Option (2.21 per cent) and Nippon India ETF Gold BeES (2.17 per cent).

HDFC Gold ETF and Mirae Asset Gold ETF were down 2.15 per cent each, while ICICI Prudential Gold ETF declined 2.13 per cent. Tata Gold Exchange Traded Fund and Zerodha Gold ETF fell 2.10 per cent each. Motilal Oswal Gold ETF slipped 2.06 per cent, while UTI Gold Exchange Traded Fund and Birla Sun Life Gold ETF were down 2.05 per cent each. LIC MF Gold ETF fell 2 per cent and HSBC Gold ETF declined 1.75 per cent.

Outlook remains constructive

Despite the near-term weakness, analysts remain constructive on the long-term outlook for precious metals.

While short-term volatility may persist, especially if the Federal Reserve maintains a higher-for-longer interest rate stance, analysts believe any further correction could provide gradual accumulation opportunities.

“Investors should avoid chasing prices and instead adopt a staggered investment approach, as gold continues to remain an important portfolio hedge against inflation, currency volatility and future geopolitical uncertainties,” said Ponmudi.

Yadav said that while easing geopolitical tensions and lower oil prices have reduced inflation concerns, markets remain focused on upcoming US inflation data for cues on the Federal Reserve's policy trajectory.

Indian equities trade higher

Meanwhile, Indian equities were trading higher on Thursday. At last check, the BSE Sensex was up 525 points, or 0.68 per cent, at 77,516, while the NSE Nifty50 gained 143 points, or 0.60 per cent, to 24,164.

Source: https://www.business-standard.com