Silver ETFs Fall Up To 5% As Oil Surge, Inflation Fears And Fresh Import Approvals Weigh On Bullion Markets

Silver ETFs remained under selling pressure on Friday 23 October 2026, tracking a decline in precious metals prices amid inflation concerns and expectations that US interest rates could stay elevated for longer. Gold also eased, with the two metals facing pressure from shifting interest rate expectations and developments in world commodity markets.

International spot silver fell nearly 2% to $53.45 an ounce as investors booked profits. A stronger US dollar and rising bond yields reduced the appeal of precious metals, which do not generate interest income. Concerns about industrial demand added to the pressure on silver.

India’s latest import approvals also influenced domestic sentiment. The government has authorised imports of 6,500 metric tonnes of silver over the next six months, aiming to meet anticipated festive-season demand and ease supply constraints.

Silver ETF Share Price Movement

Silver ETFs saw sharp intraday declines, with losses widening after a brief recovery earlier in the session.

At 10.34 am, HDFC Silver ETF had fallen more than 4%, while several other funds, including Tata Silver ETF, State Bank of India (SBI) Silver ETF, Kotak Silver ETF, UTI Silver ETF, Axis Silver ETF, Mirae Asset Silver ETF and DSP Silver ETF, were down more than 3%.

• Maximum intraday decline: Up to 5% across silver ETFs.

• International spot silver: Down nearly 2% to $53.45 an ounce.

• Domestic silver futures: Contracts expiring in December, March and May declined by around 3% each.

Why Are Silver Prices Falling?

The latest correction in silver prices today reflects a combination of global financial pressures and changing domestic supply expectations. Investors are preparing for a potentially hawkish Federal Reserve stance at its upcoming policy meeting, while elevated borrowing costs have increased the opportunity cost of holding bullion.

India’s import decision has added another factor. The country relies on international purchases for more than 80% of its silver requirements. Additional supplies could ease domestic shortages and narrow the premiums that had risen during the period of restricted imports.

India tightened silver import rules in May and subsequently extended restrictions to silver grain and powder, requiring prior authorisation. The latest approvals are intended to improve availability ahead of the anticipated festive and jewellery-buying season.

Also Read - Wiscon Industries IPO Opens 27 October At ₹194–204 Per Share; Check Issue Size, Subscription Dates And Use Of Funds