Silver exchange-traded funds (ETFs) fell more than 3 percent on Friday, September 11, as the precious metal remained under pressure in international markets following a sharp sell-off in the previous session. Gold ETFs also traded lower, though their declines were much smaller.
The SBI Silver ETF was down 3.2 percent at Rs 221.77, while ICICI Prudential Silver ETF fell 3.1 percent to Rs 226.16. Nippon India Silver ETF declined 3.1 percent to Rs 216.59, and Tata Silver ETF was down 3.1 percent at Rs 21.98.
The declines came as silver extended Thursday's steep fall in international markets. Silver slipped 0.3 percent to $63.40 an ounce on Friday after tumbling 5.5 percent in the previous session, its biggest one-day fall since June.
The weakness in precious metals comes amid a sharp repricing of US interest-rate expectations, with stronger-than-expected producer inflation, surging crude prices and rising Treasury yields adding to concerns that the Federal Reserve could raise interest rates at its policy meeting next week.
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